Naira depreciates to N368/$

By Babajide Komolafe
The naira Tuesday depreciated to N368 per dollar in the parallel market owing to demand pressure.

Vanguard survey revealed that the parallel market exchange rate rose to N368 per dollar yesterday from N367 per dollar on Monday. This implies N1 depreciation of the naira as against the 50 kobo appreciation on Monday.

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.