Naira strengthens by N22, trading at N1,564/$1 on official exchanges

The naira strengthened against the US dollar on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N22 to trade at N1,564/$1, down from N1,586/$1 it traded at on Wednesday.

The highest and lowest intraday prices recorded during the day were N1,600/$1 and N1,515/$1 respectively, indicating a very tight spread of N85\$1.

However, the naira lost N2 against the dollar in the parallel section of the forex market to trade at N1,602/$1 against N1,600/$1 it traded at the previous day.

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However, the naira strengthened by N15 against the British pound to trade at N2,080\£1 from N2,065\£1 previously.

The Canadian dollar continued to close flat against the naira and traded at N1,200.

The Naira also lost N5 against the Euro to trade at ₦1,725/€1 compared to ₦1,720/€1 previously.

By: Babajide Okeowo

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