Naira inches closer to N1,000/$1 mark, closes at N1,142/$1 at official window

The naira inched closer to the N1,000/$1 mark at the official window as the domestic currency traded at N1,142/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window showed on Friday, April 12, 2024.

This represents a gain of N88.23 when compared to the previous exchange rate of N1,230.61/$1 on Monday.

The intra-day high and low recorded during the day were N1,265/$1 and N1,100/$1 respectively, representing a lean spread of N165\$1.

Similarly, the naira maintained steady appreciation against the dollar at the parallel window to trade at N1,150/$1 representing a gain of N74 when compared to the N1,224/$1 it traded the previous day.

READ ALSO:Naira appreciates to ₦1,230/$1 as CBN intensifies defence of local currency

The British Pound also slumped against the naira by N83 to trade at N1,500\£1 as against the previous trading price of N1,583/£1 representing a gain of N83 for the local currency,

The Canadian dollar however appreciated against the naira to trade at N950| CA$1 as against N932| CA$1 it traded the previous day representing a loss of N18 for the local currency.

The euro however slumped against the naira to trade at ₦1,280/€1 as against the rate of ₦1,350/€1 the previous trading rate indicating a slump of N70 in the European currency.

By: Babajide Okeowo

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