Naira Watch
Naira gains N10, trades N1,607/$1 at official window
The Nigerian currency, the naira, appreciated against the American dollar on Monday, August 5, 2024.
The domestic currency gained N10 to begin the week at N1,607/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,617/$1 it traded on Friday August 2, 2024.
The intra-day high and low recorded during the day were N1,620/$1 and N1,570/$1 respectively, representing a very lean spread of N50\$1.
The naira gained N5 against the dollar at the parallel section of the FX market against the dollar to trade N1,605/$1, as against the rate of N1,610/$1 it traded the previous trading day.
READ ALSO: Naira recovers, trades N1,608/$1 at official window
The naira however lost N25 against the British Pound to trade at N2,100\£1 as against the previous trading day’s rate of N2,075\£1 representing a loss of N25 for the local currency.
The Canadian dollar continues to close 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 closed flat against the Euro to trade at ₦1,750/€1 same as the previous trading day’s rate of ₦1,750/€1.
By: Babajide Okeowo
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