Naira Watch

Naira recovers again, gains N72 against dollar to trade at N1,072/$1

Published

2 weeks ago

April 18, 2024

The naira recovered from its one-day slump after weeks of steady gain against the American dollar on Wednesday April 17, 2024 at the official window as the domestic currency traded at N1,072/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

At the end of trading on Wednesday, the naira gained N72 against the dollar when compared to the previous exchange rate of N1,148/$1 on Monday, April 15, 2024.

The intra-day high and low recorded during the day were N1,220/$1 and N981 /$1 respectively, representing a lean spread of N239\$1.

Similarly, the naira maintained steady gains against the dollar at the parallel market to trade at N1,050/$1 representing a gain of N50 when compared to the N1,100/$1 it traded the previous day.

The British Pound also slumped against the naira by N50 to trade at N1,350\£1 as against the previous trading price of N1,400/£1 representing a gain of N50 for the local currency,

The Canadian dollar however appreciated against the naira to trade at N1,000| CA$1 as against the previous trading day rate of N950| CA$1 representing a loss of N50 for the local currency.

The Euro slumped against the naira to trade at ₦1,150/€1 as against the rate of ₦1,230/€1, the previous trading rate indicating a slump of N80 in the European currency.

By: Babajide Okeowo

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