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The Nigerian Naira experienced mixed fortunes in the foreign exchange market yesterday. While it recorded gains for two consecutive days at the official window, it depreciated marginally at the parallel market.
At the parallel market, the Naira depreciated from N1,500 to N1,550, representing a N50 decline in just one day.
On the other hand, the official Nigerian Autonomous Foreign Exchange (NAFEM) appreciated, closing at N1,595.11.
This signifies a N14.4 gain compared to the previous day’s closing rate of N1,609.51. The daily turnover in the foreign exchange market recorded a significant decline.
Yesterday’s turnover stood at $217.14, indicating an 82.28 percent decrease from the $119.14 million quoted on Wednesday.
The highest spot rate recorded yesterday was pegged at N1,660, while the lowest spot rate was N1,448.
These fluctuations in the Naira’s value reflect the dynamics of the foreign exchange market.
Various factors such as supply and demand, economic indicators, and market sentiment contribute to these fluctuations.
