The naira yesterday appreciated significantly in the parallel market and in the Investors and Exporters (I&W) window. At the close of business yesterday, the naira appreciated by N2 in the parallel market while it appreciated by N1.29 at the I&E window.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window dropped yesterday to N366.59 per dollar from N367.88 per dollar on Monday.
Also the parallel market exchange rate dropped to N363 per dollar yesterday from N365 per dollar on Monday. Vanguard investigation revealed that the naira appreciation in the parallel market is driven by low demand for dollars amidst sustained dollar supply to bureau de change subsector by the Central Bank of Nigeria (CBN).
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