Naira has fallen to N620/$1 in the peer-to-peer market as FX scarcity persists.
Newsonline reports that 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.
This online newspaper understands that the naira appreciated slightly against the US dollar at the official market on Wednesday, 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 on Wednesday 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 on Wednesday, falling by 0.49% compared to N615/$1 recorded on Friday, the previous week. This is according to information from Bureau De Change operators.