Naira rebounds at official window, trades at N1,390/$1

The naira reversed the loss incurred on Monday to appreciate against the American Dollar on Tuesday April 30, 2024 at the official window.

The domestic currency traded at N1,390.96/$1 according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Tuesday, the naira gained N28.04 against the dollar when compared to the previous exchange rate of N1,419/$1 on Monday, April 30, 2024.

The intra-day high and low recorded during the day were N1,450/$1 and N1,200 /$1 respectively, representing a lean spread of N250\$1.

READ ALSO:Naira begins week on losing note, trades at N1,419/$1 at official window

Similarly, the naira gained against the dollar at the parallel section of the market trade at N1,320/$1 representing a gain of N10 when compared to the N1,330/$1 it traded the previous day.

Contrastingly, the naira depreciated against the pound. The domestic currency depreciated by N60 against the British Pound to trade at N1,700\£1 as against the previous trading price of N1,640/£1 representing a loss of N60 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000| CA$1 same as the previous trading day rate.

The Euro also slumped against the naira to trade at ₦1,450/€1 as against the rate of ₦1,430/€1 the previous trading rate indicating a loss of N20 for the Nigerian currency.

By: Babajide Okeowo

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