Naira Falls To N620/$1 At Peer-To-Peer Market As FX Scarcity Persists.

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The exchange rate between the naira and the US dollar closed at N424.58/$1 at the Investors. And Exporters (I&E) window, where forex is traded officially.

Naira appreciated slightly against the US dollar at the official market, with a 0.36% gain to close at N424.58/$1; following a 25.01% increase in forex turnover. Specifically, a total of $60.84 million in FX value exchanged hands in the market; compared to $48.67 million that was traded in the previous trading session.

On the other hand, the exchange rate at the parallel market depreciated to N618/$1; falling by 0.49% compared to N615/$1 recorded. This is according to information from Bureau De Change operators.

-Nairametrics.

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