Naira recovers to ₦1,602/$1 at official window

The Nigerian currency, the naira, recovered slightly on Thursday, March 7, 2024 as the domestic currency appreciated to N1,602.17/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N3.57 when compared to the N1,605.74/$1 it closed on, on Wednesday, March 6, 2024.

The intraday high was N1,635/$1, while the intraday low was N1,470/$1, representing a lean spread of N165/$1.

Meanwhile, the naira slumped against the dollar at the parallel market to N1,620/$1 as against the N1,610 /$1 it traded the previous day representing a loss of N10 for the local currency as the difference between the official and parallel windows began to converge

The naira also slumped against the British Pound to trade at N2,060/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N30 for the local currency.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The naira slumped against the Euro to trade at ₦1,720/€1 as against the previous closing price of ₦1,700/€1 representing a loss of N20 for the local currency.

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