Naira trades at N1,462/$1 at official window, depreciates at parallel market

The Nigerian currency, the naira, continued its recovery against the dollar on Wednesday May 22, 2024 to trade at N1,462/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Wednesday, the naira gained another N3 against the dollar when compared to the previous exchange rate of N1,465/$1 on Tuesday, May 22, 2024.

The intra-day high and low recorded during the day were N1,531/$1 and N1,401/$1 respectively, representing a lean spread of N130\$1.

However, the naira slumped against the dollar at the parallel section of the market, to trade at N1,500/$1 representing a loss of N30 when compared to the N1,470/$1 it traded the previous trading day.

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Similarly, the naira also depreciated against the British Pound to trade at N1,900\£1 as against the previous trading price of N1,870/£1 representing a loss 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 depreciated 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.