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Naira Watch

Naira stable against dollar at official window, trades at N1,476/$1



Naira continues free fall against U.S dollar

The Nigerian currency, the naira, maintained a form of stability against the American dollar on Tuesday June 4, 2024 to trade at N1,476/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Tuesday, the naira remained flat against the dollar, trading at N1,485/$1 same as the rate recorded on Monday, June 3, 2024.

The intra-day high and low recorded during the day were N1,500/$1 and N1,1362/$1 respectively, representing a lean spread of N138\$1.

However, the naira gained against the dollar at the parallel section of the market to trade at N1,500/$1, as against the previous day’s rate of N1,510/$1, representing a gain of N10 for the local currency.

READ ALSO:Naira appreciates against dollar, trades at N1,476/$1 at official window

The same scenario played out with the British Pound as it traded at N1,900\£1, as against the previous day’s rate of N1,920\£1 representing a gain of N20 for the local currency.

For several days running, 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 gained against the Euro to trade at ₦1,600/€1 as against the rate of ₦1,610/€1 the previous trading rate, this represents a gain of N10 in the local currency.

By: Babajide Okeowo

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