Naira reverses gain, drops by 13.26% in official window

The Nigerian currency, the naira, reversed the gain made on Tuesday against the American dollar on Wednesday May 29, 2024 to trade at N1,329/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Wednesday, the naira lost N156 against the dollar as against the previous exchange rate of N1,173/$1 on Tuesday, May 28, 2024.

The intra-day high and low recorded during the day were N1,506/$1 and N1,010/$1 respectively, representing a big spread of N496\$1.

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However, the naira appreciated against the dollar at the parallel section of the market, to trade at N1,490/$1 representing a gain of N25 when compared to the N1,515/$1 it traded the previous trading day.

Similarly, the naira gained against the British Pound to trade at N1,900\£1 as against the previous trading price of N1,930/£1 representing a gain of N30 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 gained against the Euro to trade at ₦1,600/€1 as against the rate of ₦1,630/€1 the previous trading rate, this represents a gain of N30 in the local currency.