Naira drops further to N476.6/$ in parallel market


The Nigeria currency, naira yesterday depreciated to N476.6 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 N476.6   per dollar from N476 per dollar  Monday, indicating 60 kobo depreciation of the naira. Similarly, the Naira yesterday depreciated by one kobo in the Investors and Exporters (I&E) window.

Data from FMDQ showed that the indicative exchange rate for the window rose to N386 per dollar yesterday from N385.99 per dollar on Tuesday, translating to one kobo depreciation of the Naira.

The volume of dollars (turnover) traded in the window dropped by 63 percent to $14.47 million from $39.09 million on Tuesday.


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