Naira strengthens by N5, trading at N1,596/$1 on official exchanges

The naira strengthened further against the US dollar on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N5 to trade at N1,596/$1, down from N1,601/$1 it traded at on Tuesday.

The intraday high and low prices recorded during the day were N1,628/$1 and N1,520/$1 respectively, indicating a slim spread of N108\$1.

The naira lost N13 against the dollar in the parallel section of the forex market to trade at N1,620/$1 compared to N1,607/$1 it traded at the previous day.

However, the naira lost N10 against the British pound and was trading at N2,100\£1 compared to the previous N2,090\£1.

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

The Naira strengthened by N10 against the Euro and is trading at ₦1,730/€1 compared to ₦1,740/€1 previously.

By: Babajide Okeowo

The post Naira rises by N5, trades at N1,596/$1 on official window appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.