Naira Stable, Closes at N1000/$ on Parallel Market, Depreciates Marginally to N808/$ on I&E

Nume Ekeghe

The naira remained stable against the dollar on the parallel market where it exchanged at N1000 yesterday, same amount it closed last Friday.

But on the Investors and Exporters’ (I&E) Forex Window, the naira closed at N809.02/$, slightly lower than the N776.14/$1 it closed on Friday. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged was at N1100/$ while the lowest spot rate recorded was N720.50/$1.

The official I&E window reported a daily volume turnover of $87.65 million representing an 11.31 per cent decline compared to the $98.82 million, it recorded on Friday.