Naira Declines at Both Official Market, Parallel to N1416/$1, N1,450

Nume Ekeghe

Nigeria’s troubled currency, the naira yesterday experienced a decline in both the official market and the parallel market.

At the Nigerian Autonomous Foreign Exchange (NAFEM) window, it closed at N1,416.57/$1, marking a depreciation of N62.36 compared to the previous rate of N1,354.21/$1 on Monday.

Meanwhile, the parallel market closed at N1,450/$1, representing a decrease of N20 from the previous rate of N1,430/$1 on Monday.

The daily turnover recorded an increase in transactions of 89.5 per cent, to $160.77million yesterday compared to the $84.83 million recorded on Monday.  

Furthermore, the highest spot rate observed yesterday stood at N1,445, with the lowest spot rate recorded at N1,301.