Naira Appreciates on Parallel Market to N1,155/$

Nume Ekeghe

The naira yesterday appreciated against the dollar on the parallel market where it exchanged at N1,155/$ yesterday in Lagos, stronger than the N1160 to a dollar it closed last Friday.

On the official I&E FX window, the naira closed yesterday, at N814.60/$, from the N794.89/$1 it closed on Friday.

However, on the I&E, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1130/$, while the lowest spot rate recorded was N701/$.

In terms of trade volume, the official I&E window reported a daily turnover of $100.06 million, signaling a 31.94 per cent decrease in turnover compared to the $75.82 million recorded on Friday.