Naira Appreciates by N117, Trades at N1,539/$1 at Official Market
September 19, 2024
By Okafor Joseph Afam
The naira recorded a significant gain of N117 against the U.S. dollar at the official window on Wednesday. According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency appreciated to N1,539/$1, improving from the previous day’s exchange rate of N1,656/$1.
At the parallel market, the naira remained stable, trading at N1,660/$1, reflecting no change from its closing value on Tuesday. Similarly, the local currency closed flat against the British pound, maintaining a rate of N2,220/£1.
However, the naira faced losses against other major currencies. The Canadian dollar strengthened, with the naira losing N30, trading at N1,280/CA$1, compared to N1,250/CA$1 the previous day. The Euro also gained ground, with the naira depreciating by N15, trading at ₦1,840/€1, down from ₦1,825/€1.
The recent movements in the naira highlight the ongoing volatility in Nigeria’s foreign exchange market, with gains in some areas offset by losses in others. Analysts suggest that the currency’s fluctuations reflect the broader economic challenges and shifting demand in the forex markets.
