Naira gains N7.78 Official Window, Stability at Parallel Market

The naira yesterday continued to gain against the dollar, at the official window while it maintained stability at the parallel markets.

At the Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira closed at N1255.07/$1, a gain from its previous close at N1,262.85/$1 on Wednesday, reflecting a gain of N7.78.

However, on the parallel market for the first time in two weeks was unchanged, as it exchanged N1,245/$1 the same as the Wednesday.

The daily turnover saw a decline reaching $138.99 million yesterday, in contrast to the $166.18 million recorded on Wednesday, indicating a decline of 16.36 per cent.

Furthermore, the highest spot rate observed yesterday stood at N1,294 with the lowest spot rate recorded at N1,200.