Naira suffers depreciation at the official window, stable at the parallel market

In recent reports, the Naira yesterday suffered a setback in its gaining streak as it depreciated at the official window after recording gains for four consecutive days. It was however stable on the parallel market as it closed at N1,635/$1 the same as the previous day. At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), Naira depreciated yesterday closing at N1,602.43/$1 signifying an N68.24 loss or 4.45 percent, compared to N1,534.19/$1 it closed on Monday. Notably, the daily turnover recorded yesterday was $291.78 million indicating a 63.37 percent increase from $178.63 million, quoted on Monday. Also, the highest spot rate yesterday was pegged at N1652.40/$1, while the lowest spot rate recorded was N1,450/$1.