Naira down to N359.5/$ in parallel market

Posted by Larry Nwabuoku on 2018-10-10 23:25:00 | Views: 2 |

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Naira down to N359.5/$ in parallel market

By Elizabeth Adegbesan
The naira, yesterday depreciated to N359.5 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 N359.5 per dollar from N359 per dollar on Monday, indicating 50 kobo depreciation of the naira.

Meanwhile, the naira yesterday appreciated by 34 kobo in the Investors and Exporters (I&E) window even as the volume of dollars traded declined by  17 percent.

Data from FMDQ showed that the indicative exchange rate for the window dropped to N364.27 per dollar yesterday from N364.61 per dollar on Monday, translating to 34 kobo appreciation of the naira.

The volume of dollars (turnover) traded in the window yesterday dropped slightly by 17 percent to $106.40 million from $128.04 million traded on Monday.

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