Naira gains at official market, drops to N1360/$1 at parallel market

The Naira gained against the dollar on Tuesday, 23rd January 2024 at the official market, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

The domestic currency appreciated to N878.61/$1 gaining N46.73 as against the N925.34/$1 it closed on Monday.

The intraday high recorded was N1336.05/$1, while the intraday low was N701/$1, representing a wide spread of N635.05/$1.

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Similarly, the naira shed N5 off its price at the parallel window where forex is sold unofficially, the exchange rate was quoted at N1365/$1 as against the price of N1360/$1 the previous day, while peer-to-peer traders quoted around N1393/$1.

The naira closed flat against the British Pound at N1,725/£1 after crashing massively on Monday.

The Canadian dollar also closed flat at N1000//CA$1 after crossing the N1000 threshold on Monday, January 22, 2024.

The naira recovered slightly against the Euro, trading at ₦1,445/€1 as against the previous closing price of ₦1,450/€1 at the last trading day.