Naira appreciates to N360.5 in parallel market

The Naira yesterday appreciated to N360.5 per dollar in the parallel market. 

Naira

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N360.5 per dollar from N361.5 per dollar on Tuesday, indicating one naira appreciation of the naira. 

Similarly, the naira, yesterday, appreciated slightly by two kobo in the Investors and Exporters (I&E) window even as the volume of dollars traded rose by 161 percent. 

Data from FMDQ showed that the indicative exchange rate for the window dropped to N363.32 per dollar yesterday from N363.34 per dollar on Tuesday, translating to two kobo appreciation of the naira. 

The volume of dollars (turnover) traded yesterday rose by 161 percent to $160.08 million from $61.23 million traded on Tuesday.