Naira rebounds slightly, appreciates to ₦1435.53/$1 at official market

The naira recovered as it appreciated slightly against the dollar on Friday, February 2, 2024.

The domestic currency closed at N1,435.53/$1 as against the N1,461.90/$1on the last day of the month representing a gain of N26.37 data from the Nigerian Autonomous Foreign Exchange NAFEM window where forex is officially traded has shown.

The intraday high recorded was N1,526.00/$1, while the intraday low was N838.96/$1, representing a wide spread of N687.04/$1.

However, the naira appreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,410/$1, an appreciation of N90 compared to the N1,500/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

READ ALSO:Naira fails to respond to CBN’s measures, depreciates to N1461.90 at official market

The naira appreciated against the British Pound to trade at N1,850/£1 as against the N1,880/£1 it traded the previous day representing a gain of N30.

The naira also appreciated against the Canadian dollar as it closed at N1100/CA$1 as against the N1150/CA$1 it traded the previous day representing a gain of N50.

The naira also appreciate by N50 against the Euro, trading at ₦1,550/€1 as against the previous closing price of ₦1,600/€1.

By Babajide Okeowo

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