Naira continues strong streak

For the eighth consecutive day, the Nigerian currency, the Naira continued to rally strong against the dollar at the official window to trade at N1,408.04/$1 on Monday March 25, 2024 the best rate since February 5, 2024 when it closed at N1419.86/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This represents a gain of N22.96 for the local currency when compared to the ₦1,431/$1 it traded the previous trading day.

The intra-day high was N1,442/$1 while the intra-day low was N1,300/$1 representing a lean spread of N142/$1.

Similarly, the naira appreciated against the dollar at the parallel window to trade at N1,440/$1, this represents an appreciation of N40.00 as against the N1,480 /$1 it traded the previous day.

READ ALSO:Naira strengthens for seventh consecutive day, trades at N1,431/$1, lowest in six weeks

The naira also appreciated against the British Pound to trade at N1,900/£1 as against the previous trading day’s price of N2,000/£1 representing a gain of N100 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 also gained N50 against the Euro to trade at ₦1,600/€1 as against the previous closing price of ₦1,650/€1.

By: Babajide Okeowo

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