Market News
Naira Falls After Remarkable Rebound, Hits N1,250/$ At Parallel Market, N1,234/$1, Official Market - ARISE NEWS
The value of the naira dipped on Monday at both the official and parallel markets after its six-week hot streak.
The value of the naira dipped on Monday at both the official and parallel markets after it had been on a gaining streak for six weeks.
It declined at the parallel market, closing at N1,250/$1 as against N,150/$1 which it exchanged over the weekend, indicating a N100 loss.
At the official market known as Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira closed at N1,234.49, a N64.5 decline compared to N1,169.99/$1 it closed on Friday.
The daily turnover saw an increase of 27.09 percent reaching $110.17 million, compared to the $86.68 million recorded on Friday.
The highest spot rate observed on Monday stood at N1,295, with the lowest spot rate recorded at N1,051.
BY Ndubuisi Francis and Nume Ekeghe
