Naira loses strength in parallel market

The Naira depreciated yesterday to N365 per dollar in the parallel market.

This is due to increase in dollar demand.

The parallel market exchange rate rose from N363 per dollar on Wednesday to N365 per dollar yesterday.

The naira however appreciated by N1.31 in the Investors and Exporters (I&E) window on Thursday.

The indicative exchange rate also dropped to N367.19 per dollar from N368.5 per dollar on Wednesday.

The volume of dollar traded dropped slightly to $97.03 million from $101 million on Wednesday.

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