Naira depreciates by 0.02% against dollar, trades at N1,483/$1 at official window - Ripples Nigeria
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Naira depreciates by 0.02% against dollar, trades at N1,483/$1 at official window

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FOREX: CBN injects N273m into retail secondary market

The Nigerian currency, the naira, depreciated marginally by 0.02% against the American dollar on Monday June 10, 2024 to trade at N1,483.62/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Monday, the naira shed less than N1 against the dollar, trading at N1,483.62/$1 as against the rate of N1,483.29/$1 recorded on Friday, June 7, 2024.

The intra-day high and low recorded during the day were N1,505/$1 and N1,410/$1 respectively, representing a lean spread of N95\$1.

However, the naira appreciated against the dollar at the parallel section of the market to trade at N1,485/$1, as against the rate of N1,490/$1 the previous day representing a gain of N5 for the local currency.

READ ALSO:Naira sheds N2 against dollar, trades at N1,483/$1 at official window

Similarly, the naira gained against the British Pound to trade at N1,890\£1 as against the previous day’s rate of N1,920\£1 representing a gain of N30 for the local currency.

For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira, also gained against the Euro to trade at ₦1,580/€1 as against the previous trading day’s rate of ₦1,590/€1 indicating a gain of N10 in the local currency.

By: Babajide Okeowo

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