Naira converges at official, parallel markets

The Nigerian currency, the naira recovered slightly to N1,617.96|$1 on the first trading day of the week, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N9.44 when compared to the N1,627.40/$1 it closed with, on Friday, March 8, 2024.

The intraday high was N1,650/$1, while the intraday low was N1,511/$1, representing a lean spread of N139/$1.

Meanwhile, the naira gained N3 against the dollar at the parallel market as the local currency appreciated to N1,615/$1 as against the N1,618 /$1 it traded the previous day. As it stands, only N2 separates the naira at both official and parallel windows.

READ ALSO:Naira slumps further to ₦1, 627/$1 at official window

The naira also gained against the British Pound to trade at N2,030/£1 as against the previous trading day’s price of N2,050/£1 representing a gain of N20 for the local currency.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The naira gained N20 against the Euro to trade at ₦1,705/€1 as against the previous closing price of ₦1,725/€1 representing a loss of N5 for the local currency.

By Babajide Okeowo

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