Naira recovers slightly, trades at N1,455.59/$1 at official market

The naira recovered slightly against the dollar on Wednesday, 31st January 2024 at the official market after it plunged to a record low of N1,482.57/$1 the previous trading day.

The domestic currency closed at N1,455.59/$1on the last day of the month representing an appreciation of N26.98 data from the Nigerian Autonomous Foreign Exchange NAFEM window where forex is officially traded has shown.

The intraday high recorded was N134.07/$1, while the intraday low was N789/$1, representing a wide spread of N720/$1.

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1515/$1, a depreciation of N45 compared to the N1,470/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

READ ALSO:Naira hits record low of N1,482.57/$1 at official window, higher than black market rate

Again, the naira depreciated against the British Pound shedding N15 to trade at N1,880/£1 when compared to the previous day’s trading price of N1,865/£1

The naira also shed a massive N130 against the Canadian dollar as it closed at N1150/CA$1 as against the N1020/CA$1 it traded the previous day.

The naira also slumped against the Euro, trading at ₦1,600/€1 as against the previous closing price of ₦1,570/€1 at the last trading day representing a loss of N30.

By Babajide Okeowo

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