Naira strengthens by N10, trading at N1,607/$1 on official exchanges

Nigeria’s currency, the naira, strengthened against the US dollar on Monday, August 5, 2024.

The local currency strengthened by N10 at the start of the week to N1.607/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1.617/$1 traded on Friday, August 2, 2024.

The highest and lowest intraday prices recorded during the day were N1,620/$1 and N1,570/$1 respectively, indicating a very tight spread of N50\$1.

The naira strengthened N5 against the dollar in the parallel section of the forex market to trade at N1,605/$1, against the exchange rate of N1,610/$1 traded in the previous trading day.

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However, the naira weakened by N25 against the British Pound and was trading at N2,100\£1 compared to the previous trading day’s exchange rate of N2,075\£1 which means a loss of N25 for the local currency.

The Canadian dollar continued to close flat against the naira and traded at N1,200|CA$1, the same as the previous day’s trading value of N1,200|CA$1.

The Naira closed flat against the Euro and traded at ₦1,750/€1 the same as the previous trading day’s exchange rate of ₦1,750/€1.

By: Babajide Okeowo

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