Naira gains at official window falls at parallel market… daily turnover drops by 39%

The Naira yesterday recorded a gain for a fourth consecutive day at the official window but has however taken a dip at the parallel market. The naira on the parallel market depreciated to N1,635/$1 from N1,575/$1 it exchanged over the weekend representing N60 decline. However, the official Nigerian Autonomous Foreign Exchange (NAFEM) appreciated yesterday closing at N1,534.19/$1 signifying an N14.06 gain compared to N1,548.25/$1 it closed on Friday. Notably, the daily turnover recorded stood at $178.63 million indicating a 39.95 percent drop from $296 million, on Friday. Also, the highest spot rate yesterday was pegged at N1,600.75/$1, while the lowest spot rate recorded was N1,425.35/$1.