Naira Continues To Fall At the Official Market To N1,534, Closes Higher Than Parallel Market At N1,500/$1

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The naira on Monday continued to slide at the Nigerian Autonomous Foreign Exchange (NAFEM) against the US dollar closing the day at N1,534.39 higher than the parallel market which is stable at N1,500.

At the NAFEM window, the Naira closed at N1,534.39/$1, marking a N64.42 depreciation from Friday’s rate of N1,469.97.

However, the parallel market remained stable for five days at N1,500.

Furthermore, the official window recorded a daily turnover of $89.61 million on Monday compared to the $253.77 it recorded on Friday indicating a 54.91 per cent increase. 

The highest spot rate recorded on Monday was N1,550/$1 while the lowest spot rate recorded was N1000/$1.

Nume Ekeghe

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