Naira Falls Again At Parallel N1,680/$1, Official Rates Gains To N1,582/$1

The naira on Monday experienced a U-turn on its gaining streak as it slightly depreciated at the parallel market to N1,680/$1.

However, the official Nigerian Autonomous Foreign Exchange (NAFEM) gained closing on Monday at N1,582.94 signifying an N82.56 gain compared to N1,665.5 it closed on Friday.

The parallel market after taking substantial gains following the arrests last week of parallel market operators, from a record low of last Wednesday of N1,920 to N1600 over the weekend declined again to N1,680/$1 on Monday.

However, the daily turnover recorded on Monday was $154.16 million, a 1.47 per cent increase from $151.93 recorded on Friday. 

Also, the highest spot rate on Monday was pegged at N1778, while the lowest spot rate recorded was N1,300.

Nume Ekeghe