Naira Falls at Parallel to N1,500,  Official Window Slides N1,479

Nume Ekeghe

The Naira continued its depreciation trend yesterday, losing value against the US Dollar at the parallel market closing at N1,500 while it also depreciated at the official window.
At the official Nigerian Autonomous Foreign Exchange (NAFEM) window, the Naira closed at N1,479.47/$1, marking an N60.69 depreciation from the previous day’s closing rate of N1,418.78.
However, the parallel market continued its downward turn to close at N1,500 compared to the N1,465 it closed on Wednesday indicating a N35 loss in one day.
Furthermore, the official window recorded a daily turnover of $321.23 million compared to the $209.93 it recorded on Wednesday indicating a 54.91 per cent increase.  
The highest spot rate recorded yesterday was N1,504/$1 while the lowest spot rate recorded was N946.82/$1