Naira switches performance track slows at parallel market, gains at official window

The naira yesterday made a U-turn as it marginally declined at the parallel to N1,605/$1 from N1,600/$1 it exchanged on Wednesday. However, the official Nigerian Autonomous Foreign Exchange (NAFEM) recorded gain, closing at N1,608.98/$1 signifying a N6.96 gain compared to N1, 615.94/$1 it closed on Wednesday. Notably, the daily turnover recorded yesterday was $243.65 million indicating a 2.05 per cent decline from $248.75 million, quoted on Wednesday. Also, the highest spot rate yesterday was pegged at N1625/$1, while the lowest spot rate recorded was N1,576/$1.