Naira drops to N364/$ in parallel market

Nigeria Legal tender, depreciated to N364 per dollar in the parallel market,Thursday,   thus ending its eight day stability against the United States currency in the market.

The naira has been stable at N363 per dollar for eight days from last week Monday.


However naira also depreciated by 25 kobo to N360.66 per dollar in the Investor and Exporter (I&E) window yesterday.

 Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I & E window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.66 per dollar, yesterday, from N360.41 per dollar on Wednesday.