Naira down to N476/$ in parallel market

NIGERIA Currency, naira yesterday depreciated to N476 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 rate rose to N476 per dollar from N475.7 per dollar Monday, indicating 30 kobo depreciation of the Naira.

However, the Naira yesterday appreciated by one kobo in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window dropped to N385.99 per dollar yesterday from N386 per dollar on Monday, translating to one kobo appreciation of the Naira. The volume of dollars (turnover) traded in the window dropped by 443 percent to $39.09 million from $7.20 million on Monday.

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