Current reports indicate that the naira yesterday experienced a fall from its gaining streak in the parallel market as it slightly depreciated 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.
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 percent 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.
