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Naira Strengthens To 1,380/$ On Parallel Market, Declines To N1,339/$ On Official Window

The Naira strengthened by N70 to reach N1,380/$ on the parallel market, but declined to N1,339/$ on the official window.

The Naira appreciated to N1,380/$1 on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.

On the other hand, the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.

However, daily turnover on the NAFEM declined by 2.85 percent to $309.01 million compared to $318.08 million the previous day.  The highest spot rate stood at N1,410, with the lowest recorded at N1,051.

James Emejo and Nume Ekeghe

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