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

Nume Ekeghe

The nation’s currency, the naira yesterday experienced a decline in the official market while it remained stable in the parallel market.

At the Nigerian Autonomous Foreign Exchange (NAFEM) window, it closed at N1,421.06/$1, marking a depreciation of N4.49 compared to the previous rate of N1,416.57/$1 on Tuesday.

Meanwhile, the parallel market closed at N1,450/$1, stable as the previous day.

The daily turnover recorded an increase in transactions of 2.47 per cent, to $164.74 million yesterday compared to the $160.77 million recorded on Tuesday. 

Furthermore, the highest spot rate observed yesterday stood at N1,440, with the lowest spot rate recorded at N1,335.