Naira rebounds, appreciates to N874.79/$1 at official market 

The Naira, Thursday, January 11, 2024 rebounded from two days of consecutive losses to appreciate to N874.79/$1 at the close of business, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded has shown.

This represents a gain of N207.53 when compared to the N1,082.32 it closed on Wednesday.

The intraday high recorded was N1264.96/$1, while the intraday low was N475/$1, representing a wide spread of N789.96/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $110.41 million, representing a 54.49% decrease compared to the previous day.

READ ALSO:Naira in free-fall, slumps to new low of N1,089.51/$1 at official window

Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1260/$1 as against the previous day rate of N1245/$1, representing a slump of N15 while peer-to-peer traders quoted around N1261.57/$1.

The British pound closed flat at N1,570/£1 same as Wednesday, January 10, 2024.

Again, the Canadian dollar maintained a bit of stability to close at N980/CA$1, the same as its closing price yesterday.

The naira shed N5 against the Euro to depreciate to ₦1,325/€1 as against the previous closing price of ₦1,320/€1 the previous day.

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