Naira inches close to N2000/$ mark, trades at N1,800 at parallel market

The naira, Tuesday, February 20, 2024 recovered slightly as the local currency slumped to N1,551.24/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the foreign exchange is traded officially has shown.

This represents a gain of N47.00 in the local currency compared to the N1,598.24 it closed on Monday.

The intraday high recorded was N1701/$1, while the intraday low was N1100/$1, representing a wide spread of N601/$1.

Contrastingly, the naira crossed the N1,800 mark at the parallel market, where forex is unofficially traded, with the exchange rate quoted at N1,825/$1, as against the N1,710 rate it closed at the previous official trading day on Monday. This represents a loss of N115 in the local currency.

READ ALSO:Naira’s freefall continues, trades at N1,598/$1 at official window

The naira also shed a further N90 against the British Pound to trade at N2,210/£1 as against the N2,120/£1 it traded the previous trading day.

The naira closed flat against the Canadian dollar to trade at N1,250/CA$1, same as the previous trading day.

Meanwhile, the naira slumped by N45 against the Euro to trade at ₦1,855/€1 as against the previous closing price of ₦1,810/€1.

By Babajide Okeowo

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