Naira falls in official exchange window, gains strength in parallel market

In reports, the naira yesterday for the first time in two weeks appreciated at the parallel market to N1,600/$1. This comes after it had been floating and exchanging around N1,610/$1 to N1,630/$1 for the past two weeks. However, the official Nigerian Autonomous Foreign Exchange (NAFEM) depreciated yesterday closing at N1,615.94/$1 signifying a N12.56 loss in comparison with N1,603.38/$1 it closed on Tuesday. Notably, the daily turnover recorded yesterday was $248.75 million indicating a 2.49 per cent decline from $122.18 million, quoted on Wednesday. Also, the highest spot rate yesterday was pegged at N1635/$1, while the lowest spot rate recorded was N1,500/$1.