Naira Declines at Official Window to N1329/$1,  Gains at Parallel Market, N1,490/$1

Nume Ekeghe

The naira yesterday retracted on its gains at the official window and recorded gains at the parallel market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira closed yesterday at N1,329.65/$1, losing N155.77 compared to N1173.88/$1 recorded on Tuesday.

However at the parallel market, naira  record gains by N30  closing yesterday at N1,490/$1 compared to N1,520/$1 it exchanged for the previous day.

Daily transaction volumes saw a marginal increase as the daily turnover increased by 2.5 per cent, reaching $336.54 million yesterday compared to $328.32 million recorded on Tuesday.

Additionally, the highest spot rate observed yesterday was N1,506, while the lowest spot rate recorded was N1,010.