Naira Records Fresh Gains at Both Parallel and Official Windows at N1,500/$1, N1,609/$1

The naira experienced an increase in value in both the parallel and official markets, on the back of the recent hike in the MPR rate, crackdown on currency speculators, foreign exchange (FX) allocation to BDCs, as well a crackdown on crypto firms. The naira, on the parallel market, appreciated to N1, 500/$1 from N1, 620/$1 it exchanged on Tuesday, representing N120 gain. The official Nigerian Autonomous Foreign Exchange Market (NAFEM) appreciated yesterday, closing at N1, 609.51/$1, signifying a N6.43 gain compared with N1, 615.94/$1 it closed on Tuesday. The daily turnover recorded yesterday was $119.14 million, indicating a 22.7 percent decline from the $154.16 million, quoted on Tuesday.  The highest spot rate yesterday was pegged at N1, 660/$1, while the lowest recorded was N1, 401/$1.