Naira depreciates to N359.3/$ in parallel market

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The Naira, yesterday, depreciated to N359.3 per dollar in the parallel market.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N359.3 per dollar from N359 per dollar on Tuesday, indicating 30 kobo depreciation of the naira.

Similarly, the naira yesterday depreciated by three kobo in the Investors and Exporters (I&E) window despite 55 percent increase in the volume of dollars traded on the window.

Data from FMDQ showed that the indicative exchange rate for the window rose to N363.10 per dollar yesterday from N363.07 per dollar on Tuesday, translating to three kobo appreciation of the naira.

The volume of dollars traded on the window yesterday declined by 55 percent to $341.57 million from $220.61 million. 

Source: VANGUARD

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