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Naira depreciates by N0.40 at parallel market

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The Naira devalued by N0.40 against the U.S. Dollar at the parallel market, trading $/N361.90 on Tuesday, compared to $/N361.50 it exchanged the previous day.

The transfer rate at the street market remained unchanged at $/N364.50.

Meanwhile, the Naira gained slightly by 0.05 per cent to $/N363.71 on Tuesday from $/N363.89 on Monday at the Investors’ and Exporters’ segment of Foreign Exchange Market.

At the I&E FX window a total of $147.41mn was traded in 303 deals, with rates ranging between $/N358.00 – $/N365.00.

But at the Interbank, the Naira/USD rate remained unchanged at $/N306.70 (spot) and $/N360.85 (SMIS).