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Naira Watch

Naira continues recovery, closes at N1,419.86/$1 at official market



The naira continued its recovery against the dollar on Monday, 5th February 2024 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

The domestic currency appreciated marginally at the end of the day to close at N1,419.86/$1 compared to the N1,435.53 it closed on Friday, February 2, 2024 representing a gain of N15.67 in the local currency

The intraday high recorded was N1526/$1, while the intraday low was N906/$1, representing a wide spread of N620/$1.

While the naira appreciated at the official market, it depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,450/$1, a loss of N50 compared to the N1,410/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

READ ALSO:Naira recovers slightly, trades at N1,455.59/$1 at official market

The naira also depreciated against the British Pound to trade at N1,860/£1 as against the N1,850/£1 it traded the previous day representing a loss of N10.

The Canadian dollar closed flat against the naira at N1100/CA$1, the same as the previous official day’s trading on Friday, February 2, 2024.

The naira also depreciated by N50 against the Euro, to trade at ₦1,610/€1 as against the previous closing price of ₦1,550/€1.

By Babajide Okeowo

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