Naira Weakens to N1,140/$ on Parallel Market, Now N850/$ on I&E

Nume Ekeghe

The naira depreciated marginally against the dollar on the parallel market where it exchanged at N1,140/$ yesterday, compared with the N1,130/$ it closed the previous day.  Also, on the official I&E window the naira depreciated to N850.22/$, from the N795.41/$ it closed on Monday.

However, intra-day trade from the data obtained from the FMDQ showed that the highest spot rate exchanged on the I&E was N1099/$ while the lowest spot rate recorded was N701/$.

Furthermore, the official I&E window reported a daily volume turnover of $ 143.55 million. This figure indicated a 16.48 per cent increase in turnover, compared to the $123.25 million recorded on Monday.