Naira continues recovery at official window, trades at ₦1,534.19/$1, slumps to N1,610 in black market

The naira continued its recovery on the first trading day of the week on March 4, 2024 to trade at N1,534.19/$1 data from the Nigerian Autonomous Foreign Exchange Market, NAFEM (Official Window), has shown.

This represents an appreciation of N14.06 in the local currency when compared to the N1,548.25/$1 it traded the previous day on Friday, March 1, 2024.

The spread between the intraday high and low at the official window also continued to narrow as the intraday high recorded was N1,600.75/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N175.40/$1.

READ ALSO:Naira’s recovery continues, trades at N1,595/$1 at official window

However, the naira slumped against the dollar at the parallel market slumping to N1,610/$1 as against the N1,600 /$1 it traded the previous day representing a loss of N10 as the difference between the official and parallel windows continued its convergence.

The naira also reversed its recent gain against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N1,900/£1. This represents a loss of N150.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The Euro also closed flat against the naira to trade at ₦1,750/€1 same as the previous closing price.

By Babajide Okeowo

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