Dollar Against Naira

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

The naira yesterday 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 yesterday at N1,582.94 signifying an N82.56 gain compared to N1,665.5 it closed on Friday.

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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 yesterday.

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

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

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