Naira fight back, gains ₦61 to trade at ₦1,459/$1 at official market

 The Nigerian naira has reversed the depreciation against the dollar on Wednesday May 15, 2024 to trade at ₦1,459/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Wednesday, the naira gained ₦61 against the dollar when compared to the previous exchange rate of ₦1,520/$1 on Monday, May 14, 2024.

The intra-day high and low recorded during the day were ₦1,593/$1 and ₦1,401/$1 respectively, representing a lean spread of ₦192/$1.

However, the naira continued its slump against the dollar at the parallel section of the market, crossing the ₦1500 point to trade at ₦1,550/$1 representing a loss of N20 when compared to the ₦1,530/$1 it traded the previous trading day.

In the same vein, the naira inches closer to the ₦2,000 mark again as it shed ₦50 against the British Pound to trade at ₦1,920/£1 as against the previous trading price of ₦1,870/£1 representing a loss of N50 for the local currency,

The Canadian dollar closed flat against the naira to trade at ₦1,200/CA$1 same as the previous trading day rate of ₦1,200/CA$1.

The naira also depreciated against the Euro to trade at ₦1,650/€1 as against the rate of ₦1,620/€1 the previous trading rate this represents a loss of ₦ 30 in the local currency.

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