Naira picks up steam in parallel, official windows

The naira continued its considerable climb on Monday, 20 May, as it recorded gains at both the official window and the parallel markets. At the official Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira appreciated by N28.34, to close at N1,468.99/$1, compared to the N1,497.33/$1 which closed on Friday. On the parallel market, the naira also recorded gains by N10 as it closed yesterday at N1,440/$1, compared to the N1,450/$1 it exchanged over the weekend. The daily turnover recorded an increase in transactions of 93.36 per cent, to $161.41 million yesterday, compared to the $83.50 million recorded on Friday. The highest spot rate observed yesterday stood at N1,550/$1, with the lowest spot rate recorded at N1,400/$1.