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Naira Watch: Naira appreciates to N368/$ in parallel market

By Babajide Komolafe
THE naira yesterday appreciated for the first time this week in the parallel market to N368 per dollar.

Vanguard survey revealed that the parallel market exchange rate which rose by N3 this week to N370 per dollar, dropped to N368 per dollar yesterday, prompted by reduction in dollar demand.

This translated to N2 appreciation for the naira in the parallel market.
The naira however depreciated by N1.48 in the Investors and Exporters (I&E) window as the indicative exchange rate for the window rose to N361.17 per dollar yesterday from N359.69 per dollar on Wednesday.

This was in spite of 12 per cent increase in the volume of dollar traded in the window to $265.59 million yesterday from $236.97 million on Wednesday.


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