Naira remains in N1k threshold, appreciates marginally to N1,082.32/$1 at official market

The naira remained in the N1k threshold on Wednesday, January 10, 2024 as the Nigerian currency appreciated marginally to close at N1, 082.32/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the forex is officially traded has shown.

This represents a gain of N7.19 or a 0.66% increase in the local currency compared to the N1089.51 it closed on the previous day.

The intraday high recorded was N1270.65/$1, while the intraday low was N700/$1, representing a wide spread of N570/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $242.60 million, representing a 148.95% increase compared to the previous day.

READ ALSO:Naira in free-fall, slumps to new low of N1,089.51/$1 at official window

Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1245/$1 as against the previous day rate of N1240/$1, representing a slump of N5 while peer-to-peer traders quoted around N1252.60/$1.

The British pound closed flat at N1,570/£1 same as Tuesday, January 9, 2024.

Again, the Canadian dollar maintained a bit of stability to close at N980/CA$1, the same as its closing price yesterday.

The naira gained N10 against the Euro to appreciate to ₦1,320/€1 as against the previous closing price of ₦1,330/€1 the previous day.

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