Market News
Naira Declines at Both Official Market, Parallel to N1402/$1, N1,380 - THISDAY
BY Nume Ekeghe
The naira yesterday declined at both the official window and the parallel market. At the Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira recorded depreciation as it closed at N1,402.67/$1 a N11.71 loss compared to N1,390.96/$1 which closed on Tuesday.
By the end of trading yesterday, the parallel market concluded at N1,380/$1, a loss of N20 compared to the Monday rate of N1,360/$1.
The daily turnover recorded an increase in transactions of 3.32 per cent, to $232.84 million yesterday compared to the $225.36 million recorded on Tuesday. Furthermore, the highest spot rate observed yesterday stood at N1,445, with the lowest spot rate recorded at N1,299.
