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Naira Surges By 9.68% at Official Window to Close at N1,339.33/$1, Slides to N1,520/$1 in Parallel Market

Naira gained significantly at official window closing at N1,339.33/$1, its highest rate in two months, but declined in parallel market.

The naira on Monday, recorded significant gains at the official window, the highest recorded in two months, while it continued to slide at the parallel markets.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the naira appreciated by N143.48 in a single day, closing at N1,339.33/$1 compared to Friday’s rate of N1,482.81/$1. 

This represents a 9.68 percent gain and marks its highest rate in two months, matching the N1,339.23/$1 recorded on April 26. 

In the parallel market, it recorded a marginal decline to N1,520/$1 a N5 loss compared to N1,515/$1 recorded over the weekend.

Transaction volumes also saw a significant increase as the daily turnover declined by 67.49 per cent, reaching $180.80 million on Monday compared to $556.25 million recorded on Friday.

Additionally, the highest spot rate observed on Monday was N1,501, while the lowest spot rate recorded was N1,310.

Nume Ekeghe

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