Naira Declines at Official Market to N1,503/$1, Stable at Parallel Market at N1,495/$1

…Daily turnover declines by 42.1%

Nume Ekeghe

The naira yesterday declined against the US dollar at the Nigerian Autonomous Foreign Exchange (NAFEM), concluding the day at N1,505/$1 and remaining stable at the parallel market closing at N1,495/$1.

At the NAFEM window, the Naira closed at N1,503.38/$1, marking an N4.31 loss from Tuesday’s rate of N1,499.07.

The parallel market however remained unchanged at N1,495 the same as what it exchanged on Tuesday.

Furthermore, the official window recorded a daily turnover of $117.87 million yesterday compared to the $203.93 million it recorded on Friday indicating a 42.1 per cent decline. 

The highest spot rate recorded yesterday was N1,582.38/$1 while the lowest spot rate recorded was N922.38/$1.