Naira’s recovery continues at official market

The naira continued its recovery on the last day of February 2024 to trade at N1,595.11/$1 data from the Nigerian Autonomous Foreign Exchange Market, NAFEM (Official Window), has shown.

This represents an appreciation of N14.4 in the local currency when compared to the N1,609.51/$1 it traded the previous day on Wednesday, February 28, 2024.

The spread between the intraday high and low at the official window also continued to narrow as the intraday high recorded was N1,660/$1, while the intraday low was N1,448/$1, representing a lean spread of N212/$1 compared to N259/$1 the previous trading day.

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However, the naira slumped against the dollar at the parallel market slumping to N1,510/$1 as against the N1,450/$1 it traded the previous day representing a loss of N60 as the difference between the official and parallel windows begin to converge.

The naira also reversed its recent gain against the British Pound to trade at N1,820/£1 as against the previous trading day’s price of N1,800/£1. This represents a loss of N20.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The Euro slumped slightly against the naira to trade at ₦1,690/€1 as against the previous closing price of ₦1,700/€1 on Wednesday, February 28, 2024 representing a gain of N10 for the naira.