Naira strengthens, trading at N1,593/$ on official exchanges

The naira recovered against the US dollar on the official exchange on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N13 to trade at N1,593/$1, down from N1,606/$1 traded on the official exchange on Wednesday.

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The highest and lowest intraday prices recorded during the day were N1,612/$1 and N1,499/$1 respectively, indicating a slim spread of N113\$1.

However, the naira lost N10 against the dollar in the parallel section of the forex market to trade at N1,630/$1 compared to N1,620/$1 previously.

The currency gained N5 against the British Pound to trade at N2.120\£1 from N2.125\£1 previously.

The Canadian dollar closed flat against the naira and traded at N1.250|CA$1.

The Naira strengthened N5 against the Euro to trade at ₦1,800/€1 against ₦1,805/€1 the previous day.

By: Babajide Okeowo

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