Naira Watch
Naira makes slow recovery in Nigeria’s return to Int’l capital market, gains N9
The naira made a slow recovery against the dollar at the official foreign exchange window on Monday, December 2, 2024.
This is coming on the heels of Nigeria’s return to the international capital market after two years absence where the country raised $2.2bn in its Eurobonds issues.
According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Nigerian currency depreciated to N1, 663.40/$1
This represents a gain of N9.29 against the dollar when compared to the N1, 672.69/$1 it traded on Friday, November 29, 2024.
READ ALSO: FX matching system to restore Naira – Cardoso
At the parallel section of the FX market, the naira also gained N5 against the dollar to trade at N1, 730/$1 as against the previous day’s rate of N1, 735/$1.
The naira closed flat against the British Pound to trade at N2,230/£1 same as the previous day’s rate of N2,230\£1.
The Canadian Dollar continues to hold steady, maintaining its N1,300/CA$1 rate.
The naira also gained N25 against the Euro to trade at ₦1,825/€1 as against the previous day’s rate of ₦1,850/€1.
By: Babajide Okeowo
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