Naira Continues to Fall at the Official Market to N1,534, Closes Higher than Parallel Market at N1,500/$1

•Daily turnover declines by 64.7%

Nume Ekeghe

The naira yesterday continued to slide at the the Nigerian Autonomous Foreign Exchange (NAFEM) against the US dollar closing the day at N1,534.39 higher than the parallel market which is stable at N1,500.

At the NAFEM window, the Naira closed at N1,534.39/$1, marking a N64.42 depreciation from Friday’s rate of N1,469.97.

However, the parallel market remained stable for five days at N1,500.

Furthermore, the official window recorded a daily turnover of $89.61 million yesterday compared to the $253.77 it recorded on Friday indicating a 54.91 per cent increase. 

The highest spot rate recorded yesterday was N1,550/$1 while the lowest spot rate recorded was N1000/$1.