Naira Depreciates at Parallel Market, Official I&E to N1,140, N840

Nume Ekeghe

The naira yesterday depreciated at the parallel against the dollar where it exchanged at N1,140/$1 as well as at the official I&E window closing the day at N840.53/$1.

The official I&E window at N840.53/$1 depreciated from N830.97/$1 it closed on yesterday representing a N9.56 loss. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N1135/$1 while the lowest spot rate recorded was N743.43/$1

Also, the parallel market at N1,140/$1 depreciated from N1,135/$1 it exchanged the previous day  signifying N5 loss.

In terms of trade volume, the official I&E window reported a daily turnover of $198.21 million, signaling a notable 61.89 per cent increase in turnover compared to the $122.46 million recorded on Tuesday.