Naira depreciates to N930/$ in parallel market
THE naira yesterday continued its downward trend, as it depreciated to N930 per dollar in the parallel market from N902 per dollar the previous day. However, the currency appreciated to N781.34 per dollar in the Investors and Exporters, I&E window. Data from FMDQ showed that the indicative exchange rate for the I&E window fell to N781.34 per dollar from N782.38 per dollar on Wednesday, indicating N1.04 appreciation for the naira. Consequently, the gap between the official and parallel market exchange rates widened to N147.62 per dollar yesterday from N119.62 per dollar Wednesday.Traders in the parallel market attributed the depreciation to the persistent dollar shortage and speculative activities, as manufacturers and importers continued to seek easier access and availability of dollars. Mr. Ahmed Lawal, a trader in Broad Street, Marina, said: “The trend of the naira per dollar in the parallel market has been fluctuating these past weeks. “Last week a dollar was traded at N895 ...