Naira recovers to ₦1,602/$1 at official window

The Nigerian currency, the naira, recovered slightly on Thursday, March 7, 2024 as the domestic currency appreciated to N1,602.17/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N3.57 when compared to the N1,605.74/$1 it closed on, on Wednesday, March 6, 2024.

The intraday high was N1,635/$1, while the intraday low was N1,470/$1, representing a lean spread of N165/$1.

Meanwhile, the naira slumped against the dollar at the parallel market to N1,620/$1 as against the N1,610 /$1 it traded the previous day representing a loss of N10 for the local currency as the difference between the official and parallel windows began to converge.

READ ALSO:Naira continues recovery, trades at N1,548/$1 at official window, slumps to N1,600 at black market

The naira also slumped against the British Pound to trade at N2,060/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N30 for the local currency.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The naira slumped against the Euro to trade at ₦1,720/€1 as against the previous closing price of ₦1,700/€1 representing a loss of N20 for the local currency.

By: Babajide Okeowo

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