Naira strengthens by N49, trading at N1,543/$1 on official exchange

The naira strengthened against the US dollar on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N49 to trade at N1,543/$1, down from N1,592/$1 it traded at on Tuesday.

The highest and lowest intraday prices recorded during the day were N1,599/$1 and N1,500/$1 respectively, indicating a slim spread of N99\$1.

ALSO READ: Naira closes flat against dollar at N1,579/$1

The naira depreciated against the dollar in the parallel section of the forex market to trade at N1,610/$1, compared with N1,605/$1 previously.

The Naira also lost N10 against the British Pound to trade at N2,090\£1 compared to N2,080\£1 the previous day.

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

The Naira also lost N5 against the Euro to trade at ₦1,745/€1 compared to ₦1,740/€1 previously.

By: Babajide Okeowo

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