In a recent turn of events, the naira witnessed a significant gain against the US dollar in the parallel market yesterday, soaring to N1,700. This surge followed the apprehension in the parallel market operators across the country. In contrast, the official exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEM) depicted a different story, with the naira depreciating to N1,571.31/$1, marking a loss of N28.73 compared to its Wednesday closing rate of N1,542.58/$1. The parallel market also saw the naira witness a substantial gain to N1,700, adding N220 in one day compared to N1,920/$1 it exchanged on Wednesday. Notably, yesterday a daily turnover of $192.25 million an increase of 11.68 percent compared to $172.14 million recorded the previous day. The highest spot rate recorded yesterday was N1,851 while the lowest spot rate recorded on the day was N1,300.
Over 30 deaths at Congo displacement camp raise fears Ebola is spreading rapidly
At least 30 people have died since the beginning of May at a camp for displaced civilians in northeastern Democratic...
Read moreDetails
