Naira recovers slightly to trade at N1,520/$1 - Ripples Nigeria
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Naira recovers slightly to trade at N1,520/$1

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The Nigerian currency, the naira, recovered slightly against the dollar on Friday May 17, 2024 to trade at N1, 497/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Friday, the naira gained N36 against the dollar when compared to the previous exchange rate of N1,533/$1 on Thursday, May 16, 2024.

The intra-day high and low recorded during the day were N1,555/$1 and N1,415/$1 respectively, representing a lean spread of N140 \$1.

Similarly, the naira recovered against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a gain of N40 when compared to the N1,560/$1 it traded the previous trading day.

READ ALSO:Naira slumps again to trade at N1,533/$1 at official window

However, the naira depreciated against the British Pound to trade at N1,940\£1 as against the previous trading price of N1,900/£1 representing a loss of N40 for the local currency,

The Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira also depreciated against the Euro to trade at ₦1,640/€1 as against the rate of ₦1,620/€1 the previous trading rate this represents a loss of N20 in the local currency.

By: Babajide Okeowo

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