Naira recovers, trades at N1,500/$1 on official window

Nigerian currency, naira started the week on a positive note against the US dollar on Monday, July 22, 2024.

The local currency plunged by N96 to trade at N1,500/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1.596/$1 traded on Friday, July 19, 2024.

The intraday high and low prices recorded during the day were N1,610/$1 and N1,490/$1 respectively, indicating a narrow spread of N120\$1.

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The naira also continued its recovery against the dollar in the parallel section of the forex market as the local currency strengthened N10 against the dollar to trade at N1,570|$1, compared to the exchange rate of N1,580/$1 traded in the previous trading day.

The Naira also strengthened by N20 against the British Pound and was trading at N2,050\£1 compared to the previous trading day’s exchange rate of N2,070\£1 indicating a strengthening of N20 for the local currency.

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 also strengthened by N70 against the Euro and was trading at ₦1,650/€1 against the previous trading day’s exchange rate of ₦1,720/€1.

By: Babajide Okeowo

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