Naira Loses 29k On Drop In Dollar Volume

Naira

 

The Naira opened the week by depreciating to N363.89 per dollar in the Investors and Exporters (I&E) window due to a 53 percent decline in the volume of dollars traded. 

Data from FMDQ showed that the indicative exchange rate for the window rose to N363.89 per dollar yesterday from N363.6 per dollar last week Friday, translating to 29 kobo depreciation of the naira.

 The volume of dollars (turnover) traded on Monday in the window dropped by 53 percent to $89.23 million from $188.43 million last week Friday. Similarly, the naira depreciated by 50 kobo in the parallel market. 

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N361 per dollar from N360.5 per dollar last week Friday, indicating 50 kobo depreciation of the naira. 

 

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