Naira Gains at Both Official Market, Parallel Market to N1,499/$1, N1,495/$1

•Daily turnover increases by 127.5%

Nume Ekeghe

The naira yesterday experienced an increase against the US dollar at the Nigerian Autonomous Foreign Exchange (NAFEM), concluding the day at N1,499.07 and also it showed a slight appreciation in the parallel market closing at N1,495/$1.

At the NAFEM window, the Naira closed at N1,499.07/$1, marking a N35.32 appreciation from Monday’s rate of N1,534.39.

The parallel market also recorded gains although marginally closing the day at N1,495, marking a N5 gain compared to N1,500/$1 it exchanged on Monday.

Furthermore, the official window recorded a daily turnover of $203.93 million yesterday compared to the $89.61 it recorded on Friday indicating a 127.5 per cent increase. 

The highest spot rate recorded yesterday was N1,510/$1 while the lowest spot rate recorded was N896.28/$1.