Naira reverses slump, gains N61 to trade at N1,459/$1 at official window - Ripples Nigeria
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Naira reverses slump, gains N61 to trade at N1,459/$1 at official window

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The Nigerian currency, the naira reversed the recent depreciation against the dollar on Wednesday May 15, 2024 to trade at N1, 459/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Wednesday, the naira gained N61 against the dollar when compared to the previous exchange rate of N1, 520/$1 on Monday, May 14, 2024.

The intra-day high and low recorded during the day were N1,593/$1 and N1,401/$1 respectively, representing a lean spread of N192 \$1.

However, the naira continued its slump against the dollar at the parallel section of the market, crossing the N1500 point to trade at N1,550/$1 representing a loss of N20 when compared to the N1,530/$1 it traded the previous trading day.

READ ALSO:Naira up by 4.04%, trades N1,459/$ at official market

In the same vein, the naira inches closer to the N2k mark again as it shed N50 against the British Pound to trade at N1,920\£1 as against the previous trading price of N1,870/£1 representing a loss of N50 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 ₦1,650/€1 as against the rate of ₦1,620/€1 the previous trading rate this represents a loss of N30 in the local currency.

By: Babajide Okeowo

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