Naira Appreciates Marginally on Parallel Market to N1,130

Nume Ekeghe

The naira yesterday appreciated against the dollar on the parallel market to 1,130/$, from N1,135/$ it closed last Friday.

On the other hand, on the official I&E window the naira closed at N750.14/$ yesterday, compared with the  N791.75/$ it closed on Friday. This represented a N41.61 gain. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1121/$1 while the lowest spot rate recorded was N740.08/$1

In terms of trade volume, the official I&E window reported a daily turnover of $176.75 million, which was a notable 12.03 per cent increase in turnover compared to the $157.78 million recorded on Friday.