Naira Stable at Parallel Market, Appreciates at Official I&E 

Nume Ekeghe

The naira yesterday remained stable at the parallel market against the dollar where it exchanged at N1,135/$1 while it appreciated slightly at the official I&E window closing the day at N791.75/$1.

The official I&E window at N791.75/$1 appreciated from N841.14/$1 it closed on Thursday representing a N49.39 gain. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1120/$1 while the lowest spot rate recorded was N701/$1

Also, the parallel market at N1,135/$1 remained stable compared to the previous day. A breakdown of parallel market rates this week showed that on Monday naira exchanged for N1,130, Tuesday saw a depreciation to N1,140, Wednesday saw rates unchanged at N1,140 and then appreciated marginally Thursday to N1,135.

Breakdown at the official I&E window started the week at N795.41, Tuesday saw a depreciation to N850.22, it gained on Wednesday to N818.99, took a deep on Thursday to N841.14 before closing the week at the best rate of the week at N791.75.

Regarding trade volume, the official I&E window reported a daily turnover of $157.78 million. A detailed breakdown over the week revealed transaction turnovers fluctuating from $123.25 million on Monday to $143.55 million on Tuesday, further increasing to $173.51 million on Wednesday, and finally decreasing to $127.65 million on Thursday.