Naira Continues to Fall at Parallel to N1465/$1, Gains at the Official Window to Close N1,418/$1

Naira Continues to Fall at Parallel to N1465/$1, Gains at the Official Window to Close N1,418/$1

•Daily turnover drops 55%

Nume Ekeghe

The naira continued its depreciation trend yesterday, losing value against the US Dollar at the parallel markets closing at N1,465 but  appreciated marginally at the official window to N1,418.

At the official Nigerian Autonomous Foreign Exchange (NAFEM) window, the Naira closed at N1,418.78/$1, marking a N14.22 appreciation from the previous day’s closing rate of N1,433.

However, the parallel market continued its downward turn yesterday to close at N1,465 compared to the N1,460 it closed on Tuesday indicating a N5 loss in one day.

Furthermore, the official window recorded a daily turnover of $209.93 million yesterday compared to the $465.29 it recorded on Tuesday indicating a 54.91 per cent decline. 

The highest spot rate recorded yesterday was N1,510/$1 while the lowest spot rate recorded was N896.28/$1.

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