Naira up N19, trading at N1,574/$1 on official window

The naira continued its recovery against the US dollar on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N19 to trade at N1,574/$1, down from N1,593/$1 it traded at on Thursday.

The highest and lowest intraday prices recorded during the day were N1,601/$1 and N1,520/$1 respectively, indicating a very tight spread of N81\$1.

Similarly, the naira strengthened by N5 against the dollar in the parallel section of the forex market to trade at N1,610/$1 against N1,615/$1 traded the previous day.

The Naira strengthened by N10 against the British Pound to trade at N2,090\£1 compared to the previous N2,100\£1.

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

The Naira also closed flat against the Euro and was trading at ₦1,730/€1.

By: Babajide Okeowo

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