Business

In Unusual Occurrence, Naira’s Official Exchange Rate Surpasses Parallel Market Price, Trades At N1,482/$1

In what appeared to be an unusual occurrence in the foreign exchange market on Tuesday, the naira hit N1,482/$1 on the Investors and Exporters (I&E) window to close higher than the parallel market rate, which was anchored at N1,460/$1.

This means that the parallel market stopped depreciating and sustained the rate it exchanged the previous day at the same N1,460/$1.

Also, the naira at the official I&E window which closed at N1,482.57 compared to N1,348.62 indicated a N133.95 loss or 9.94 percent decline.

The data on the FMDQ website quoted the daily turnover at $72.33 million compared to the $64.29 million in turnover it recorded on Monday, indicating a 12.50 percent increase.

However, the highest spot rate recorded on Tuesday was N1,531/$1 while the lowest spot rate recorded was N789/$1.

Ndubuisi Francis, James Emejo, Chinedu Eze and Nume Ekeghe

Follow us on:

AriseNews

Recent Posts

Search for Missing Persons Continues After Deadly Valencia Floods

Barcelona faces severe flooding as search and rescue efforts continue.

4 mins ago

Peter Obi Says He Will Turn Night Vigils To Night Shifts + Minors Face Death Sentence – Trending With Ojy Okpe

https://www.youtube.com/watch?v=G8c8PG-x1gg The music producer and composer, Quincy Jones, who worked with Music Legends, including, the…

7 mins ago

Prince William Arrives In South Africa For Earthshot Prize And Wildlife Summit

Prince William visits South Africa for Earthshot Prize, aiming to spotlight climate innovation and support…

38 mins ago

Chad’s President Threatens To Exit Regional Security Force, Citing Ineffectiveness Against Insurgents

Chad's President is considering exiting MNJTF, a regional security force, citing lack of cooperation against…

46 mins ago

Abuja Court Issues Arrest Warrant for Dana Air MD Hathiramani Ranesh over Absence at Fraud Trial

A Federal High Court in Abuja has ordered the arrest of Dana Air MD Hathiramani…

51 mins ago

Equatorial Guinea Anti-Graft Chief Embroiled in Major Sex Scandal, Over 400 Tapes Found Involving Top Officials’ Families

A High-ranking Equatorial Guinean official is facing a major sex scandal with 400 explicit sex…

56 mins ago