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Naira appreciates to N368/$ in parallel market

By Babajide Komolafe
The naira, yesterday, appreciated to N368 per dollar at the parallel market.

Vanguard survey showed that the parallel market exchange rate dropped to N368 per dollar from N370 per dollar on Monday. The rate had been stable at N370 per dollar since two weeks ago. Yesterday’s appreciation was occasioned by reduced demand for dollars, following dollar sale to bureau de change by the Central Bank of Nigeria (CBN).

But the naira depreciated slightly by nine (9) kobo in the Investors and Exporters (I&E) window yesterday while the volume of dollars traded fell by 45 per cent.

Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX) rose to N359.67 per dollar yesterday to N359.58 per dollar on Monday. The volume of dollars traded dropped to $73.87 million from $107.46 million on Monday.

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