The Naira which had been exchange for N316 to a dollar in recent weeks has fallen to N368 owing to the high pressure demand of the parallel market.
Report coming from Vanguard claims that the exchange rate in the parallel market rose to N368 per dollar yesterday from N367 on Monday. Economically speaking this implies that N1 depreciated as the 50 Kobo appreciated.
The Naira also depreciated against the dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEX) also known as the Investors and Exporters window.
According to the Financial Market Dealers Quote (FMDQ), the indicative exchange rate for the window rose to N363.33 per dollar yesterday, up from N361.86 per dollar on Monday, translating to N1.47 depreciation of the Naira.