Naira appreciates to N358.5/$ in parallel market

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The Nigerian currency, naira appreciated to N358.5 per dollar in the parallel market.

According to the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N358.5 per dollar from N359 per dollar last week Friday, indicating 50 kobo appreciation of the naira.

However, the naira yesterday depreciated by 33 kobo in the Investors and Exporters (I&E) window even as the volume of dollars traded rose marginally to $586.83 million.

Data from FMDQ showed that the indicative exchange rate for the window rose to N363.11 per dollar yesterday from N362.78 per dollar last week Friday, indicating 33 kobo depreciation of the naira.

The volume of dollars traded on the window yesterday rose by 135 percent to $586.83 million from $249.84 million traded last week Friday.

Peace PIAK