Naira Gains at Parallel Market to N1,620/$1 as Official Rate Dip to N1,615/$1

The naira yesterday again returned to gaining at the parallel market as it appreciated to N1,620/$1. However, the official Nigerian Autonomous Foreign Exchange (NAFEM) deprecated closing yesterday at N1,615.94 signifying a N33 loss compared to N1,582.94 it closed on Monday. The parallel market, however, returned to gaining as it closed the N1,620 compared to the N1,680 it closed on Monday signifying a N60 gain. However, the daily turnover recorded yesterday was N154.16 million, the same rate quoted the previous day. Also, the highest spot rate yesterday was pegged at N1778, while the lowest spot rate recorded was N1,300.