Naira Appreciates to N990/$ on Parallel Market

Nume Ekeghe

The naira appreciated marginally against the dollar on the parallel market where it exchanged at N990/$ yesterday, stronger than the N1000/$ it closed the previous day.

However, on the official Investors and Exporters’ (I&E) forex window the naira depreciated to N869.91/$, compared to the N809.02/$ it closed on Monday. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1100/$1 while the lowest spot rate recorded was N700/$1.

The official I&E window reported a daily volume turnover of $70.92 million representing a 19.09 per cent decline compared to the $87.65 million, it recorded on Friday.