The Nigerian currency, the Naira, rebounded on Monday, May 6, 2024 to trade at N1,354.21/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the end of trading on Monday, the Naira lost N46.19 against the dollar compared to the previous exchange rate of N1,400.40/$1 on Friday, May 3, 2024.
The intra-day high and low recorded during the day were N1,441/$1 and N1,285 /$1 respectively, representing a lean spread of N156\$1.
Similarly, the Naira lost against the dollar at the parallel section of the market to trade at N1,435/$1 representing a loss of N55 when compared to the N1,380/$1 it traded the previous trading day.
In the same vein, the Naira depreciated against the pound. The domestic currency depreciated by N50 against the British Pound to trade at N1,800/£1 as against the previous trading price of N1,750/£1 representing a loss of N50 for the local currency,
The Canadian dollar however closed flat against the naira to trade at N1,000/CA$1 same as the previous trading day rate.
The Naira also closed flat against the Euro to trade at N1,500/€1 same as the rate of N1,500/€1 the previous trading rate.
