Naira rises by N15 to trade at N1,566/$1 on official window

The naira recovered from its slump against the US dollar and was trading at N1,566/$1 on the official exchange on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency gained N15 in today’s trade when compared to N1,588/$1 recorded on Wednesday.

The highest and lowest intraday prices recorded during the day were N1,650/$1 and N1,500/$1 respectively, indicating a narrow spread of N150\$1.

The naira continued its slide in the parallel market as the local currency shed N25 against the dollar to trade at N1,640|$1 against N1,615/$1 on Wednesday.

READ ALSO: Court dismisses lawsuit questioning Arabic writing on Naira banknotes

The Naira lost N10 against the British Pound and was trading at N2,090\£1 compared to N2,080\£1 the previous day.

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

The Naira lost N20 against the Euro to trade at ₦1,740/€1 compared to ₦1,720/€1 previously.

By: Babajide Okeowo

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