Naira recovers at official window, appreciates at black market

The naira recovered against the American dollar at the official foreign exchange market on Thursday, December 19, 2024.

According to data from FMDQ, the naira appreciated to N1,541.38/$1 down from the N1,544.20/$1 it traded on Wednesday, December 17, 2024.

This represents a gain of N2.82 for the local currency.

Similarly, in the black market, the naira closed at N1,650/$1 as against the N1650/$1 recorded the previous day. This means a gain of N10 against the dollar.

READ ALSO: Naira reacts positively to proposed ban on use of foreign currencies for payments in Nigeria

However, the naira lost N20 against the British Pound to trade at N2,180/£1 as against the previous day’s rate of N2,160\£1.

The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.

The naira lost N60 against the Euro to trade at ₦1,790/€1 as against the previous day’s rate of ₦1,730/€1.

By: Babajide Okeowo

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