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Naira Watch

Naira strengthens for seventh consecutive day, trades at N1,431/$1, lowest in six weeks



For the seventh consecutive day, the Nigerian currency, the Naira appreciated at the official window to trade at N1,431/$1 on Friday March 22, 2024 the best rate since February 5, 2024 when it closed at N1419.86/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This represents a gain of N22.28 for the local currency when compared to the ₦1,453.28/$1 it traded the previous day.

The intra-day high was N1,468/$1 while the intra-day low was N1,301/$1 representing a lean spread of N167/$1.

Similarly, the naira appreciated against the dollar at the parallel window to trade at N1,480/$1, this represents an appreciation of N20.00 as against the N1,500 /$1 it traded the previous day.

READ ALSO:Naira appreciates massively at both official, parallel windows

The naira closed flat against the British Pound to trade at N2,000/£1 same as the previous trading day’s price of N2,000/£1.

The Canadian dollar, however, closed flat against the naira to trade at N1,270| CA$1 same as the N1,270| CA$1 it traded the previous day representing a decline of N20 in the local currency.

The naira gained N20 against the Euro to trade at ₦1,650/€1 as against the previous closing price of ₦1,670/€1.

By: Babajide Okeowo

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