The Nigerian currency, the naira, recovered from its slump against the dollar on Friday May 24, 2024 to trade at N1,482/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
At the end of trading on Friday, the naira gained N3 against the dollar when compared to the previous exchange rate of N1,485/$1 on Thursday, May 23, 2024.
The intra-day high and low recorded during the day were N1,511/$1 and N1,400/$1 respectively, representing a lean spread of N110$1.
However, the naira slumped against the dollar at the parallel section of the market, to trade at N1,510/$1 representing a loss of N4 when compared to the N1,506/$1 it traded the previous trading day.
READ ALSO:Naira gains N3 to trade at N1,465/$1 at official window
Similarly, the naira slumped against the British Pound to trade at N1,900£1 as against the previous trading price of N1,880/£1 representing a loss of N20 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 slumped against the Euro to trade at ₦1,580/€1 as against the rate of ₦1,570/€1 the previous trading rate, this represents a loss of N10 in the local currency.
By: Babajide Okeowo

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