Naira appreciates to ₦1418.78/$1 at official window, drops at parallel market

The naira, yesterday, February 7, 2024 recovered slightly to appreciate to ₦1418.78/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.11 when compared to the N1433.89 it traded the previous day.

The intraday high recorded was N1,510.00/$1, while the intraday low was N896.28/$1, representing a wide spread of N613.72/$1.

In contrast, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,500/$1, a loss of N35 compared to the N1,465/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

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The naira also depreciated against the British Pound to trade at N1,890/£1 as against the N1,870/£1 it traded the previous day representing a loss of N20.

The Canadian dollar closed flat against the naira at N1100/CA$1, the same as the previous day’s trading.

Meanwhile, the naira depreciated by N20 against the Euro, to trade at ₦1,600/€1 as against the previous closing price of ₦1,580/€1.