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Naira loses 11% in parallel market, $/N358.80

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The Naira depreciated by 11 per cent at the parallel market as the cash rate and transfer rates close at N358.80/$ and N363.00/$ respectively.

At the Investors and Exporters (I&E) FX window, the value of the local current dipped 0.04 per cent, having opened at N360.42, traded high at N361.20 and eventually closed at N360.79.

A total of $521.89 million was transacted through the I&E window and the Market turnover declined by 68.24 per cent to close at $165.75 million.

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The Naira exchange rate at the official window closed at N306.95/$1 representing a 0.02 per cent depreciation against last Friday’s position.

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