Naira Depreciates at Official Window to N1,433/$1, Parallel Market Declines to N1,460

•Daily turnover drops 20%

Nume Ekeghe

The Naira continued its depreciation trend yesterday, losing value against the US Dollar in both the official and parallel markets.

At the official Nigerian Autonomous Foreign Exchange (NAFEX) window, the Naira closed at N1,433/$1, marking an N14.03 decline from the previous day’s closing rate of N1,419.86.

However, the parallel market took a downward turn  to close at N1,460 compared to the N1,450 it closed on Monday indicating an N10 loss in one day.

Furthermore, the official window recorded a daily turnover of $465.29 million yesterday compared to $584.53 it recorded on Monday indicating a 20.42 per cent decline. 

The highest spot rate recorded yesterday was N1,519.78/$1 while the lowest spot rate recorded was N894.99/$1.