Naira Falls Again at Parallel N1,680/$1, Official Rates Gains to N1,582/$1

Nume Ekeghe

The naira yesterday experienced a U-turn on its gaining streak as it slightly depreciated at the parallel market to N1,680/$1.

However, the official Nigerian Autonomous Foreign Exchange (NAFEM) gained closing yesterday at N1,582.94 signifying an N82.56 gain compared to N1,665.5 it closed on Friday.

The parallel market after taking substantial gains following the arrests last week of parallel market operators,  from a record low of  last  Wednesday of N1,920  to  N1600 over the weekend  declined again to N1,680/$1 yesterday.

However, the daily turnover recorded yesterday  was$154.16 million, a 1.47 per cent increase from $151.93 recorded on Friday. 

Also, the highest spot rate yesterday was pegged at N1778, while the lowest spot rate recorded was N1,300.