Naira Gains Over N100 in Single Day, Hits N1,453 on Official, N1,485 on Parallel Markets
The naira continued its upward trend yesterday, closing stronger at both the official window and the parallel market. This marks the second consecutive day the official window and parallel market recorded gains of N100 in one day.
On the official Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira appreciated by N107.29 to close at N1,453.28 per dollar, compared to N1,560.57 on Tuesday.
Meanwhile, the parallel market saw the naira gain N105, closing at N1,485/$1 from N1,590 the previous day.
Daily foreign exchange turnover also rose significantly, with a 47.83 per cent increase to $288.47 million from $195.13 million on Tuesday. This suggests increased activity in the forex market, potentially driven by growing confidence in the naira.
Also, the highest spot rate yesterday was pegged at N1,598 while the lowest spot rate recorded was N1,300.
