Naira drops to N1444/$1 between peer-to-peer traders

The Nigerian naira recovered against the dollar on Friday, January 26th, 2024, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the forex is traded officially.

The domestic currency appreciated to ₦891.90/$1 representing a gain of N9.06 when compared to the N900.96/$1 it closed on the previous day.

The intraday high recorded was N1421.00/$1, while the intraday low was N700/$1, representing a wide spread of N721/$1.

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1425/$1 as against the N1410/$1 it traded the previous day representing a loss of N15 while peer-to-peer traders quoted around N1444.12/$1.

READ ALSO:Naira falls further, trades at N900.96/$1 at official window

The naira lost N40 against the British Pound slumping to N1,790/£1 as against the previous day’s trading of N1,750/£1.

The Canadian dollar exceeded the N1000 mark closing at N1020/CA$1 as against the rate of N1000//CA$1 it traded on Thursday, January 25, 2024.

The naira also slumped against the Euro, trading at ₦1,500/€1 as against the previous closing price of ₦1,480/€1 at the last trading day representing a loss of N20.

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