Nigeria’s currency, the naira, started the week on a weaker note against the US dollar.
The local currency lost N3 to trade at N1,508/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.
At the close of trading on Monday, July 1, 2024, the naira lost N3 against the dollar after the exchange rate of N1.505/$1 recorded on Friday, June 28, 2024.
The highest and lowest intraday prices recorded during the day were N1,536/$1 and N1,441/$1 respectively, indicating a slim spread of N95\$1.
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However, the naira strengthened against the dollar in the parallel market and was trading at N1,510/$1, compared to the exchange rate of N1,525/$1 in the previous day’s trade, indicating a gain of N15 for the local currency.
The Naira also strengthened by N20 against the British Pound and was trading at N1,900\£1 against the previous trading day’s exchange rate of N1,920\£1.
The Canadian dollar continued to close flat against the naira and traded at N1,200|CA$1, the same as the previous day’s trading value of N1,200|CA$1.
The Naira lost N10 against the Euro and was trading at ₦1,590/€1 compared to the previous trading day’s exchange rate of ₦1,600/€1.
By: Babajide Okeowo
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