Naira starts new week on recovery path trading at N1,570/$1 on official window

Nigeria’s currency, the naira, started the new trading week on a high note by continuing its recovery against the US dollar on Monday, August 12, 2024.

The local currency strengthened by N4 to trade at N1,570/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1.574/$1 traded on Friday, August 9, 2024.

The highest and lowest intraday prices recorded during the day were N1,593/$1 and N1,500/$1 respectively, indicating a very tight spread of N93\$1.

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Similarly, the naira strengthened by N10 against the dollar in the parallel section of the forex market against the dollar to trade at N1,600/$1, against an exchange rate of N1,610/$1 on the previous trading day.

The Naira also strengthened by N30 against the British Pound and was trading at N2,060\£1 compared to the previous trading day’s exchange rate of N2,090\£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 also strengthened by N30 against the Euro and was trading at ₦1,700/€1 against the previous trading day’s exchange rate of ₦1,730/€1.

By: Babajide Okeowo

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