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
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