Naira recovers in official window, black market

Naira recovers against US dollar in official and parallel windows on Monday, September 2, 2024.

The local currency was trading at N1,585/$1 on the official exchange according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) data and N1,635/$1 on the parallel market.

This shows that N1,585/$1 is N13 lower than the N1,598/$1 the currency traded at the previous day’s official window.

The intraday high and low prices recorded during the day were N1,619/$1 and N1,500/$1 respectively, indicating a slim spread of N119\$1.

ALSO READ:Naira drops N5 on official window, trades at N1,598/$1

The naira strengthened by N10 against the dollar in the parallel section of the forex market to trade at N1,635/$1 against the previous N1,645/$1.

The Naira also strengthened by N10 against the British Pound to trade at N2.130/£1 from N2.140\£1 previously.

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

The Naira also strengthened by N40 against the Euro to trade at ₦1,780/€1 against ₦1,820/€1 the previous day.

By: Babajide Okeowo

Naira recovers on official window, black market first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.