Naira appreciates further against dollar at official window, trades at ₦1,603|$1

The Nigerian currency, the naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38|$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

READ ALSO:Naira converges at official, parallel markets

The naira however slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300| CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The naira lost N35 against the Euro to trade at ₦1,740/€1 as against the previous closing price of ₦1,705/€1 representing a loss of N35 for the local currency.

By Babajide Okeowo

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