Naira trades N1, 570/$1 at official window

The naira recovered slightly against the American dollar in the month’s first trading session on Thursday.
Data from Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency gained N38 to begin the month at N1, 570/$1, down from N1, 608/$1 recorded on Wednesday.
The intra-day high and low recorded during the day were N1, 631/$1 and N1, 551/$1 respectively, representing a very lean spread of N80$1.
The naira lost N5 against the dollar at the parallel section of the forex market to trade N1,615/$1, as against the N1,610/$1 it traded the previous day.
The naira however gained N5 against the British Pound to trade at N2, 080£1 as against the previous N2, 085£1.
The Canadian dollar continues to close flat against the naira to trade at N1,200 | CA$1.
The naira closed flat against the Euro to trade at ₦1,750/€1.
By: Babajide Okeowo
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