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Foreign Exchange: FMDQ; Naira down at N359.5/$ in parallel market

Foreign Exchange: FMDQ; Naira down at N359.5/$ in parallel market

On Tuesday 8th January, the naira depreciated to N359.5 per dollar in the parallel market. According to sources, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON) in the market exchange rose to N359.5 per dollar from N359 per dollar on Monday 7th January, signifying a 50 kobo depreciation of the naira.

Similarly, the naira depreciated slightly by 19 kobo in the Investors and Exporters (I&E) window even as the volume of dollars traded rose by 158 percent. Data from FMDQ, over-the-counter (“OTC”) securities exchange firm, revealed that the indicative exchange rate for the window rose to N365.87 per dollar on Tuesday, from N365.87 per dollar on Monday, translating to 19 kobo depreciation of the naira, while the volume of dollars traded on the window on same Tuesday rose slightly by 158 percent to $292.45 million from $113.23 million traded on Monday.

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