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Naira Watch

Naira continues recovery trades at ₦1,453/$1 at official window



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency, the naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at ₦1,453.28/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

READ ALSO:Naira appreciates further, trades at N1,560/$1 at official market

The naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270| CA$1 same as the N1,270| CA$1 it traded the previous day representing a decline of N20 in the local currency.

The naira gained N30 against the Euro to trade at ₦1,670/€1 as against the previous closing price of ₦1,700/€1.

By: Babajide Okeowo

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