Naira Continues Gain, Closes N1,300 at Official Market, N1320/$1 at Parallel Market

Nume Ekeghe

The naira continued to appreciate against the dollar at both the official window as well as the parallel market yesterday.

On the official Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira appreciated by N82.52 to close at N1,300.43/$1, compared to N1,382.95 on Tuesday.

Following suit, the naira at the parallel market yesterday in a one-week continuous gain closed at N1,320/$1 compared to N1,350 it closed on Tuesday signifying N30 gain.

Daily foreign exchange turnover also increased by 69.34 per cent to $416.10 million from $245.58 million on Tuesday.

Also, the highest spot rate yesterday was pegged at N1,460 while the lowest spot rate recorded was N1,200.