Naira trades below N1,600 to a dollar at official market

The Nigerian naira appreciated slightly at the official market to close at N1,597.34/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This represents an appreciation of N5.51 when compared to the ₦1, 602.75/$1 it closed on, on Friday, March 15, 2024.

The intraday high was N1,640/$1, while the intraday low was N1,400/$1, representing a wide spread of N240/$1.

Similarly, at the parallel market, the naira appreciated against the dollar for the third consecutive day to trade at N1,600/$1, this represents an appreciation of N5.00 as against the N1,605 /$1 it traded the previous day.

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The naira however slumped slightly against the British Pound to trade at N2,035/£1 as against the previous trading day’s price of N2,030/£1 representing a gain of N20 for the local currency.

The Canadian dollar also slumped against the naira to trade at N1,270| CA$1 as against the N1,250| CA$1 it traded the previous day representing a decline of N20 in the local currency.

The naira gained N5 against the Euro to trade at ₦1,720/€1 as against the previous closing price of ₦1,725/€1.