Naira continues recovery, trades at N1,548/$1 at official window, slumps to N1,600 at black market

The naira continued its recovery on the first day of March 2024 to trade at N1,595.25/$1 data from the Nigerian Autonomous Foreign Exchange Market, NAFEM (Official Window), has shown.

This represents an appreciation of N46.86 in the local currency when compared to the N1,595.11/$1 it traded the previous day on Thursday, February 29, 2024.

The spread between the intraday high and low at the official window also continued to narrow as the intraday high recorded was N1,652.40/$1, while the intraday low was N1,400/$1, representing a spread of N252.40/$1.

However, the naira slumped against the dollar at the parallel market slumping to N1,600/$1 as against the N1,510 /$1 it traded the previous day representing a loss of N90 as the difference between the official and parallel windows begin to converge.

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

The naira for the second day also reversed its recent gain against the British Pound to trade at N1,900/£1 as against the previous trading day’s price of N1,820/£1. This represents a loss of N80.

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 slumped massively against the naira to trade at ₦1,750/€1 as against the previous closing price of ₦1,690/€1 on Thursday, February 29, 2024 representing a depreciation of N90 for the naira.

By Babajide Okeowo

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