Naira strengthens by N16, trading at N1,570/$1 on official exchanges

The naira strengthened against the US dollar on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N16 to trade at N1,570/$1, down from N1,586/$1 it was trading at on Thursday.

The highest and lowest intraday prices recorded during the day were N1,606/$1 and N1,496/$1 respectively, indicating a narrow spread of N110\$1.

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The naira closed flat against the dollar in the parallel section of the forex market to trade at N1.615/$1.

However, the naira strengthened by N20 against the British pound to trade at N2,080\£1 compared to the previous N2,100\£1.

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

The Naira lost N10 against the Euro to trade at ₦1,770/€1 compared to ₦1,760/€1 previously.

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