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Naira down to N1005/$ in parallel market

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Old naira notes

 

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.

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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