Naira traded at N1,570/$1 on the official window

The naira recovered slightly against the US dollar in the first trading session of the month on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency strengthened by N38 at the start of the month to N1,570/$1, down from N1,608/$1 recorded on Wednesday.

The intraday high and low prices recorded on the day were N1,631/$1 and N1,551/$1 respectively, indicating a very tight spread of N80\$1.

The naira lost N5 against the dollar in the parallel section of the forex market to trade at N1,615/$1, against N1,610/$1 it traded at the previous day.

However, the naira strengthened by N5 against the British pound and was trading at N2,080\£1 compared to N2,085\£1 previously.

The Canadian dollar continued to close flat against the naira and traded at N1.200 | CA$1.

The Naira closed flat against the Euro and traded at ₦1,750/€1.

By: Babajide Okeowo

Naira trades at N1,570/$1 on official window first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.