Naira gains over parallel market in official window

The Naira continues to strengthen at the official window ending on a stronger note compared to its performance at the parallel market. The naira on the parallel market remained unchanged at N1,600/$1 for five days. However, the official Nigerian Autonomous Foreign Exchange (NAFEM) appreciated yesterday closing at N1,597.34/$1 signifying a N5.41 gain compared to N1,602.75/$1 it closed on Friday. The daily turnover recorded yesterday was $140.45 million indicating a 2.19 percent increase from the $137.43 million, quoted on Friday. Also, the highest spot rate yesterday was pegged at N1640/$1, while the lowest spot rate recorded was N1,400/$1.