Naira gains N79 to trade at N1,558/$1 on official exchange

The naira strengthened sharply against the US dollar on the official exchange on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N79 to trade at N1,558/$1, down from N1,637/$1 traded at the official window on Monday.

The intraday high and low prices recorded during the day were N1,659/$1 and N1,540/$1 respectively, representing a difference of N119\$1.

However, the naira lost N5 against the dollar in the parallel section of the forex market to trade at N1,665/$1 against the previous N1,660/$1.

ALSO READ: Naira slides further in official window to trade at N1.625/$1

The Naira closed flat against the British Pound and traded at N2,200/£1, the same as the previous rate of N2,220\£1.

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 ₦1,815/€1 against ₦1,820/€1 the previous day.

By: Babajide Okeowo

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