Naira Gains at Official Market, Marginally Declines at Parallel to N1390/$1, N1,330

Nume Ekeghe

The naira yesterday,  sustained its gain at the parallel market, and for the first time in one week gains also at the official window. 

At the Nigerian Autonomous Foreign Exchange (NAFEM) window, naira recorded gains as it closed at N1,390.96/$1 a N28.15 appreciation compared to N1,419.11/$1 it  closed on Monday. 

By the end of trading yesterday, the parallel market concluded at N1,360/$1, a loss of N10 compared to the Monday rate of N1,350/$1.

 The daily turnover recorded an increase in transactions of 52.33 per cent, to $225.36 million yesterday compared to the $147.83 million recorded on Monday.   Furthermore, the highest spot rate observed yesterday stood at N1,450, with the lowest spot rate recorded at N1,200.