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Naira rebounds, exchanges at N1,469.97/$1 at official market



Official exchange rate falls to record low of N1,534/$1
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The naira rebounded on Friday, February 9, 2024 to reverse the loss of the local currency on Thursday, February 8, 2024 as the domestic currency appreciated to ₦1,469.97/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N9.50 when compared to the ₦1479.47/$1 it traded the previous day.

The intraday high recorded was N1,560.00/$1, while the intraday low was N996.00/$1, representing a wide spread of N564.00/$1.

READ ALSO: FX crisis worsens as Naira inches closer to N1500/$1 at official market

The naira also appreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,490/$1 as against the N1,500/$1 it traded the previous day, this represents a gain of N10 in the local currency while peer-to-peer traders quoted around N1496/$1.

The naira also gained N5 against the British Pound to trade at N1,885/£1 as against the N1,890/£1 it traded the previous trading day.

The naira closed flat against the Canadian dollar to trade at N1200/CA$1, same as the previous day.

Meanwhile, the naira appreciated by N10 against the Euro, to trade at ₦1,575/€1 as against the previous closing price of ₦1,585/€1.

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