Naira Down To N360.5/$ In Parallel Market

Naira Down To N360.5/$ In Parallel Market

By Elizabeth Adegbesan

The Naira, Monday, depreciated to N360.5 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 N360.5 per dollar from N360 per dollar last week Friday, indicating 50 kobo depreciation of the naira.

However, the naira yesterday appreciated in the Investors and Exporters (I&E) window even as the volume of dollars traded declined by 57 percent.

Data from FMDQ showed that the indicative exchange rate for the window dropped to N363.58 per dollar yesterday from N363.84 per dollar last week Friday, translating to 26 kobo appreciation of the naira.

The volume of dollars (turnover) traded yesterday in the window dropped by 57 percent to $51.14 million from $118.19 million last week Friday.