Naira Gains in Parallel Market, Slightly Weakens in Official Exchange

•Records 103% increase in daily turnover

Nume Ekeghe

The naira yesterday for the first time in two weeks appreciated at the parallel market to N1,600/$1.

This comes after it had been exchanging and hovering around N1,610 to N1,630 for the past two weeks.

However, the official Nigerian Autonomous Foreign Exchange (NAFEM) depreciated yesterday closing at N1,615.94 signifying a N12.56 loss compared to N1,603.38 it closed on Tuesday.

Notably, the daily turnover recorded yesterday was $248.75 million indicating a 2.49 per cent decline from $122.18 million, quoted on Wednesday.

Also, the highest spot rate yesterday was pegged at N1635, while the lowest spot rate recorded was N1,500.