Naira in 2 Consecutive Days Appreciates at the Parallel Market, Official I&E to N1,230/$1, N789.94/$1

Nume  Ekeghe

The naira appreciated consecutively in two days at the parallel market against the dollar where it exchanged at N1,230/$1 while it appreciated also at the official I&E window closing the day at N789.94/$1.

The official I&E window at N789.94/$1 depreciated from N837.49/$1 it closed the previous day. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N900/$1 while the lowest spot rate recorded was N696.06/$1.

However, the naira gained at the parallel market yesterday exchanged at  N1,230/$1 compared to N1300/$1 recorded on Thursday indicating a N70 gain in one day. 

Notably the official I&E window reported a daily volume turnover of $259.84 million, a 129.27 per cent increase compared to $113.22 million, it recorded the previous day. 

As a result, of the growing disparity between the official and parallel markets, the arbitrage between them has reduced from N463 per dollar previously to N441 yesterday.