Naira recovers, trades N1,608/$1 at official window

The naira recovered slightly against the American dollar on Wednesday.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency gained N13 to close the month at N1,608/$1, down from N1,621/$1 recorded on Tuesday.
The intra-day high and low recorded during the day were N1,645/$1 and N1,399/$1 respectively, representing a wide spread of N246$1.
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The naira lost N15 against the dollar at the parallel section of the foreign exchange market to trade N1, 610/$1 as against the N1, 595/$1 it recorded the previous day.
The naira also shed N5 against the British Pound to trade N2,085£1 as against the previous trading day’s N2,080£1.
The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1.
The naira lost N10 against the Euro to trade ₦1,750/€1 as against the previous ₦1,740/€1.
By: Babajide Okeowo
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