Naira recovers against dollar at official window, gains N16

The naira recovered against the dollar at the official foreign exchange window on Tuesday, November 26, 2024, in defiance of the interest rate hike announced by the Central Bank of Nigeria (CBN).

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Nigerian currency appreciated to N1, 659.44/$1

This represents a gain of N16.88 against the dollar when compared to the N1, 675.62/$1 it traded on Monday, November 25, 2024.

At the parallel section of the FX market, the naira gained N5 against the dollar to trade at N1, 750/$1 as against the previous day’s rate of N1, 755/$1.

READ ALSO: Naira closes week with N6.05 appreciation at official window

The naira also closed flat against the British Pound to trade at N2,245/£1 same as the previous rate of N2,245\£1.

The Canadian Dollar continues to hold steady, maintaining its N1,300/CA$1 rate.

The naira however appreciated marginally against the Euro to trade at ₦1,840/€1 as against the previous day’s rate of ₦1,845/€1.

By: Babajide Okeowo

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