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 Naira Gains Ground Against Dollar on Tuesday, Hits N1278.58/$1 At Official Window, N1250/$1 On Parallel Market

Tuesday’s trading saw the naira’s highest spot rate at N1,312 and lowest spot rate recorded at N1,250.

The naira continued to gain at both the official window and parallel market with sustained liquidity at the official Nigerian Autonomous Foreign Exchange (NAFEM) and availability of FX  to Bureau de Change last week.

The naira at the NAFEM window on Tuesday closed at  N1278.58/$1 compared to N1,309.37/$1 it closed on Thursday the 28th April signifying a N30.79 gain.

While on the parallel market, the naira sustained gain also when it exchanged at N1,250/$1 compared to N1,300 it closed over the weekend representing N50 gain.

The daily turnover declined to $111.18 million after it previously recorded its highest daily turnover since the inception of the window which peaked at $857 million on Thursday. This drop signifies 86.96 decline.

Also, the highest spot rate on Tuesday was pegged at N1,312 while the lowest spot rate recorded was N1,250.

Nume Ekeghe

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