Naira Stable at Parallel Market, Depreciates at Official I&E to N1,155, N881

Nume Ekeghe

The naira was stable at the parallel against the dollar where it exchanged at N1,155/$1 while it depreciated at the official I&E window closing the day at N881.88/$1.

The official I&E window at N881.88/$1 depreciated from N814.60/$1 it closed on Monday representing an N67.28 weakening. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1159/$1 while the lowest spot rate recorded was N701/$1

Also, the parallel market at N1,155/$1 was stable from the previous day’s exchange.

In terms of trade volume, the official I&E window reported a daily turnover of $118.06 million, signaling a notable 11.8 per cent increase in turnover compared to the $100.06 million recorded on Monday.