Naira strengthens against Dollar, other currencies at official,  parallel markets

The naira began the week on a positive note, appreciating against the U.S. dollar and other major currencies at both the official and parallel markets on Monday, September 9, 2024.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency traded at N1,580/$1 at the official window, reflecting a gain of N13 compared to the previous week’s close of N1,593/$1.

During the trading session, the naira experienced an intra-day high of N1,660/$1 and a low of N1,570/$1, resulting in a narrow spread of N90.

This indicates relative stability in the currency’s performance against the dollar within the official market.

In the parallel market, the naira also strengthened, gaining N20 against the dollar to close at N1,655/$1, compared to the previous rate of N1,675/$1.

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Similarly, the naira appreciated against the British Pound, trading at N2,180/£1, a N20 improvement from the previous N2,200/£1.

The local currency also made gains against the Euro, closing at N1,800/€1, up by N20 from the previous trading day’s rate of N1,820/€1.

Meanwhile, the naira remained stable against the Canadian dollar, holding firm at N1,250/CA$1.

The continued strengthening of the naira across various segments of the foreign exchange market is seen as a positive sign for the Nigerian economy, which has been grappling with currency fluctuations amid ongoing economic challenges.

Traders and analysts will be watching closely to see if this trend continues throughout the week.