Naira Slides at Official Window to N1,484/$1,  Records Gains at Parallel Market, N1,485/$1

Nume Ekeghe

The naira yesterday further depreciated at the official window and for the third day  however  recorded gains at the parallel market converging the rates.
At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira closed yesterday at N1,484.76/$1, losing N145.2 compared to N1329.65/$1 recorded on Wednesday. This signifies an 11.66 percent decline.

However at the parallel market, naira  record gains by N5  closing yesterday at N1,485/$1 compared to N1,490/$1 it exchanged for the previous day.
Daily transaction volumes saw a decline as the daily turnover dropped 30.04  per cent, reaching $235.41 million yesterday compared to $336.54 million recorded on Wednesday .
Additionally, the highest spot rate observed yesterday was N1,520, while the lowest spot rate recorded was N1,100