Market News

Naira Records 9.68% One-day Gain, Highest in 2 Months to N1339, Parallel Market Continues Decline to N1,520 - THISDAY

MAY 28, 2024

BY Nume Ekeghe

The naira yesterday recorded significant gains at the official window, the highest recorded in two months, while it continued to slide at the parallel markets.

At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira appreciated by N143.48 in a single day, closing at N1,339.33/$1 compared to Friday’s rate of N1,482.81/$1. This represents a 9.68 percent gain and marks its highest rate in two months, matching the N1,339.23/$1 recorded on April 26.

In the parallel market, it recorded a marginal decline to N1,520/$1 a N5 loss compared to N1,515/$1 recorded over the weekend.

Transaction volumes also saw a significant increase as the daily turnover declined by 67.49 per cent, reaching $180.80 million yesterday compared to $556.25 million recorded on Friday.

Additionally, the highest spot rate observed yesterday was N1,501, while the lowest spot rate recorded was N1,310.


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