Naira begins new week on recovery path trades N1,570/$1 at official window

The Nigerian currency, the naira, began the new trading week on a high by continuing its recovery against the American dollar on Monday, August 12, 2024.

The domestic currency gained N4 to trade at N1,570/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This is against the rate of N1,574/$1 it traded on Friday August 9, 2024.

The intra-day high and low recorded during the day were N1,593/$1 and N1,500/$1 respectively, representing a very lean spread of N93\$1.

READ ALSO:Naira gains N5, trades N1,596/$1 at official window

Similarly, the naira gained N10 against the dollar at the parallel section of the FX market against the dollar to trade N1,600/$1, as against the rate of N1,610/$1 it traded the previous trading day.

The naira also gained N30 against the British Pound to trade at N2,060\£1 as against the previous trading day’s rate of N2,090\£1.

The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira also gained N30 against the Euro to trade at ₦1,700/€1 as against the previous trading day’s rate of ₦1,730/€1.

By: Babajide Okeowo

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