Naira appreciates to ₦1,230/$1 as CBN intensifies defence of local currency

The Nigerian domestic currency, the naira, started the week on a positive note against the American dollar at the official window to trade at ₦1,230.61/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This represents a gain of N20.44 for the local currency when compared to the N1,251.05/$1 it traded the previous trading day.

The intra-day high was N1,261/$1 while the intra-day low was N1,200/$1 representing a lean spread of N61/$1.

Similarly, the naira maintained steady appreciation against the dollar at the parallel window to trade at N1,224/$1 representing a gain of N26 when compared to the N1,250/$1 it traded the previous day.

READ ALSO:Naira closes week on a positive note, appreciates to ₦1251/$1

The British Pound also slumped against the naira by N47 to trade at N1,583\£1 as against the previous trading price of N1,630/£1 representing a loss of N10 for the local currency,

The Canadian dollar crashed against the naira to trade at N932| CA$1 as against N1,100| CA$1 it traded the previous day representing a gain of N168 for the local currency.

The euro however appreciated against the naira to trade at ₦1,350/€1 as against the rate of ₦1,330/€1 the previous trading rate indicating a slump of N20 in the domestic currency.

By: Babajide Okeowo

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