Naira Appreciates at Official Market, Declines Further at Parallel to N1354/$1, N1,430

Nume Ekeghe

The naira recorded gains at the official window, while it continued to decline at the parallel market.

At the Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira recorded gains as it closed at N1,354.21/$1, a N46.19 gain compared to N1,400.40/$1 it closed on Friday. 

By the end of trading yesterday, the parallel market  closed at N1,430/$1, a loss of N60 compared to the Friday rate of N1,370/$1.

The daily turnover recorded a decline in transactions of 57.97 per cent, to $84.83 million yesterday compared to the $201.88 million recorded on Friday. 

Furthermore, the highest spot rate observed yesterday stood at N1,441, with the lowest spot rate recorded at N1,285.