Naira Watch
Naira makes strong recovery against dollar, gains N44
The naira made a strong recovery against the dollar at the official foreign exchange window on Wednesday, November 13, 2024.
According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Nigerian currency appreciated to N1645.40/$1.
This represents a N44.48 loss against the dollar when compared to the ₦1689.88/$1 it traded on Tuesday, November 12, 2024.
READ ALSO: Nigeria’s foreign reserves rise to $40.167bn amid naira slump
Contrastingly, at the parallel section of the FX market, the naira lost N10 against the dollar to trade at N1, 745/$1 as against the previous day’s rate of N1, 735/$1.
The naira also lost N15 against the British Pound to trade at N2,270/£1 as against the previous rate of N2,255\£1.
The Canadian Dollar continues to hold steady, maintaining its N1,300/CA$1 rate.
The naira gained N10 against the Euro to trade at ₦1,860/€1 as against the previous day’s rate of ₦1,870/€1.
By: Babajide Okeowo
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