Naira records biggest gain in weeks at official market

The Nigerian currency, the naira, recorded its biggest gain in a couple of weeks against the American dollar on Monday May 27, 2024 to trade at N1, 339/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Monday, the naira gained N143 against the dollar when compared to the previous exchange rate of N1,482/$1 on Friday, May 24, 2024.

The intra-day high and low recorded during the day were N1,501/$1 and N1,310/$1 respectively, representing a lean spread of N191\$1.

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However, the naira slumped against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a loss of N10 when compared to the N1,510/$1 it traded the previous trading day.

Similarly, the naira slumped against the British Pound to trade at N1,920\£1 as against the previous trading price of N1,900/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed 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 slumped against the Euro to trade at ₦1,600/€1 as against the rate of ₦1,580/€1 the previous trading rate, this represents a loss of N20 in the local currency.