Naira recovers, trade N1,500/$1 at official window

The Nigerian currency, the naira started the week on a positive note against the American dollar on Monday, July 22, 2024.

The domestic currency shed a massive N96 to trade at N1,500/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This is against the rate of N1,596/$1 it traded on Friday July 19, 2024.

The intra-day high and low recorded during the day were N1,610/$1 and N1,490/$1 respectively, representing a lean spread of N120\$1.

READ ALSO:Naira gains N15 to trade N1,566/$1 at the official window

The naira also continued its recovery against the dollar at the parallel section of the FX market as the local currency gained N10 against the dollar to trade N1,570|$1, as against the rate of N1,580/$1 it traded the previous trading day.

The naira also gained N20 against the British Pound to trade at N2,050\£1 as against the previous trading day’s rate of N2,070\£1 representing a gain of N20 for the local currency.

The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira also gained N70 against the Euro to trade at ₦1,650/€1 as against the previous trading day’s rate of ₦1,720/€1.

By: Babajide Okeowo

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