Naira recovers to ₦1582/$1 at official market as difference between official, parallel windows narrow

The naira recovered on the first trading of the week on Monday, February 26, 2024 as the local currency appreciated to ₦1582.94/$1 data from the Nigerian Autonomous Foreign Exchange Market (Window where forex is traded officially has shown.

This represents a gain of N82.56 when compared to the N1,665.50/$1 it traded on Friday last week.

The intraday high recorded was N1,778/$1, while the intraday low was N1,300/$1, representing a wide spread of N478/$1.

Like on the official window, the naira also appreciated massively against the dollar at the parallel market appreciating to N1,530/$1 as against the N1,700/$1 it traded the previous day representing an appreciation of N170.

READ ALSO:Naira depreciates massively against dollar at official window, trades at N1,665.50/$1

Similarly, the naira also appreciated against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,100/£1. This represents an appreciation of N100.

The naira also gained N120 against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate of N1,270/CA$1.

The Euro depreciated the most of all the foreign currency shedding a massive N200 against the naira to trade at ₦1,700/€1 as against the previous closing price of ₦1,900/€1 on Friday, February 23, 2024.

By Babajide Okeowo

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