Naira strengthens, gains N52 against dollar to reach N1,601

RIPPLES

The Naira reversed days of its depreciation against the American dollar at the official foreign exchange market on Thursday, October 24, 2024.

The local currency traded at N1,601.20/$1 at the official window according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This indicated that the N1,601.20/$1 was N52.89 lower than the N1,654.09/$1 that the currency traded at the official window yesterday.

The naira lost N7 against the dollar at the parallel section of the forex market to trade at N1, 735/$1 as against the previous day’s rate of N1, 728/$1.

The naira lost N5 against the British Pound to trade at N2,260/£1 as against the previous rate of N2,255\£1.

After several weeks of closing flat, the Canadian dollar still maintains N1, 300/CA$1 the same as the previous…