Naira recovers slightly to trade at N1,554/$1 on official exchanges

The naira strengthened slightly against the US dollar on the official exchange on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) revealed that the local currency strengthened by N7 to trade at N1,554/$1, down from N1,561/$1 it traded at on Wednesday.

The highest and lowest intraday prices recorded during the day were N1,590/$1 and N1,465/$1 respectively, indicating a narrow spread of N125\$1.

The naira lost N15 against the dollar in the parallel market to trade at N1,565$1, against N1,500/$1 recorded the previous day.

ALSO READ: Naira plunges to N1,523/$1 on official exchanges

The Naira weakened by N30 against the British Pound to trade at N2.050\£1 compared to N2.020\£1 previously.

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

The Naira weakened by N15 against the Euro and was trading at ₦1,680/€1 compared to ₦1,665/€1 the previous day.

By: Babajide Okeowo

Naira recovers slightly to trade at N1,554/$1 on official window first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.