The Nigerian currency, naira, experienced contrasting trends in the foreign exchange markets on Thursday .
While it continued its depreciation at the official window, marking the third consecutive day of decline, it managed to register gains at the parallel market, thereby narrowing the rate disparity.
At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira closed at N1,484.76/$1, indicating a significant loss of N145.2 compared to the previous day’s rate of N1,329.65/$1. This represents an 11.66 percent decline.
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In contrast, at the parallel market, the naira saw an improvement of N5, closing at N1,485/$1, compared to the previous day’s rate of N1,490/$1.
Transaction volumes decreased notably, with the daily turnover dropping by 30.04 percent to $235.41 million, down from $336.54 million recorded on Wednesday.
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The highest spot rate observed was N1,520, while the lowest spot rate recorded was N1,100.