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Naira Watch

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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