Naira recovers slightly, settles at N1499.07/$1

The Nigerian currency, the naira, appreciated slightly on Tuesday, February 13, 2024 to close at N1499.07/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the forex is traded officially has shown.

This represents a gain of N35.32 in the local currency when compared to the N1534.39 it closed at on the previous day.

The intraday high recorded was  N1550/$1, while the intraday low was N1,000/$1, representing a wide spread of N550/$1, the same as what was recorded the previous day.

READ ALSO:Naira gains, appreciates to ₦1469.97/$1 at official window

Contrastingly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,532/$1 as against the N1,495/$1 it traded the previous day, this represents a loss of N37 in the local currency while peer-to-peer traders quoted around N1496/$1.

The naira also shed a further N5 against the British Pound to trade at N1,900/£1 as against the N1,895/£1 it traded the previous trading day.

The naira closed flat against the Canadian dollar to trade at N1200/CA$1, same as the previous day.

Meanwhile, the naira slumped again against the Euro, it shed N20 to trade at ₦1,620/€1 as against the previous closing price of ₦1,600/€1.

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