Naira recovers to trade at N1,509/$1 on official window

The naira recovered from its recent slump against the US dollar on Friday to close the week on a positive note.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N11 to trade at N1,509/$1 on the official exchange.

The figure is lower than the N1,520/$1 the naira was trading at on Thursday.

The highest and lowest intraday prices recorded during the day were N1,535/$1 and N1,450/$1 respectively, indicating a very tight spread of N85\$1.

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The naira closed flat against the dollar in the parallel part of the market and was trading at N1.525/$1.

The Naira weakened by N5 against the British Pound to N1.925\£1 from N1.920\£1 previously.

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

The Naira weakened against the Euro by N10 and was trading at ₦1,620/€1 compared to ₦1,610/€1 previously.

By: Babajide Okeowo

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