Naira Down to N359/$ in Parallel Market

 Naira Down to N359/$ in Parallel Market

The Naira, yesterday, depreciated to N359 per dollar in the parallel market. Naira According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange rose to N359 per dollar from N358.7 on Tuesday, translating to 30 kobo depreciation of the Naira. However, the Naira appreciated by 22 kobo in the Investors and Exporters (I&E) window due to a 152 percent rise in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.33 per dollar from N360.55 per dollar on Tuesday, translating to 22 kobo appreciation for the Naira. The volume of dollars (turnover) traded yesterday rose by 152 percent to $ 335.03 million from $132.88 million sold on Tuesday.

Ayomide Oyewole

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