Naira closes week at highest, up N103 against dollar on official exchange

The Naira closed the week with a high exchange rate against the US dollar on the official exchange on Friday, September 13, 2024.

The local currency was trading at N1,546/$1 on the official exchange according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This shows that N1,546/$1 is N103 higher than the N1,649/$1 the currency traded at the official window on the previous trading day.

For this week’s review, the Naira strengthened against the dollar by N47, opening on Monday 9th September 2024 at N1593/$1 while closing at N1,546/$1 on Friday 13th September 2024.

The week under review had mixed sentiment with three winners and two losers.

ALSO READ:Naira exchange rate drops by N57 to N1,637/$1 on official exchange

On Monday, Wednesday and Friday, the Naira strengthened against the dollar while it depreciated on Tuesday and Thursday, according to FMDQ data.

However, the naira closed flat against the dollar in the parallel section of the forex market and traded at N1,665/$1 similar to the previous day’s exchange rate of N1,665/$1.

However, the naira closed flat against the British pound and traded at N2.220/£1, the same as the previous exchange rate of N2.220\£1.

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

However, the naira strengthened N5 against the euro to trade at ₦1,820/€1 against ₦1,815/€1 the previous day.

By: Babajide Okeowo

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