24 August 2018

Nigeria: Naira Appreciates to N358/$ in Parallel Market

The naira yesterday appreciated to N358 per dollar in the parallel market.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange dropped to N358 per dollar from N359 on Monday, translating to 10 kobo appreciation of the naira.

On the other hand, the naira yesterday was depreciated to N362.60 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded rose by 136 percent

Data from FMDQ showed that the indicative exchange rate for the window rose to N362.60 per dollar yesterday from N362.50 per dollar on Monday, indicating 10 kobo depreciation of the naira.

The volume of dollars traded on the window yesterday rose marginally by 136 percent to $167.78 from $71.14 million traded on Monday.

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