Naira strengthens, trading at N1,608/$1 on official exchanges

The naira strengthened slightly against the US dollar on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency strengthened by N13 to close the month at N1,608/$1, down from N1,621/$1 recorded on Tuesday.

The intraday high and low prices recorded during the day were N1,645/$1 and N1,399/$1 respectively, representing a wide spread of N246\$1.

ALSO READ: Naira down N2 at start of week to N1,611/$1 on official exchanges

The naira lost N15 against the dollar in the parallel section of the foreign exchange market to trade at N1,610/$1 against N1,595/$1 recorded the previous day.

The Naira also weakened by N5 against the British Pound to trade at N2.085\£1 compared to its previous trade of N2.080\£1.

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

The Naira lost N10 against the Euro to trade at ₦1,750/€1 compared to ₦1,740/€1 previously.

By: Babajide Okeowo

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