Naira down to N1005/$ in parallel market


The naira yesterday depreciated to N1005 per dollar in the parallel market from N995 per dollar on Tuesday.

Similarly, the naira depreciated in the Investors and Exporters, I&E, window yesterday to N775.31 per dollar.

Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N775.31 per dollar from N755.08 per dollar on Tuesday, indicating N20.23 depreciation for the naira.

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The volume of dollars traded on the window increased by 6.3 percent to $144.55 million from $135.98 million on Tuesday.

Consequently, the gap between the official and parallel market exchange rates the widened to N229.69 per dollar yesterday from N217.92 per dollar on Tuesday.


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