The Naira depreciated marginally by 0.02% against the American dollar on Monday to trade at N1,483.62/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the end of trading on Monday, the Naira shed less than N1 against the dollar, trading at N1,483.62/$1 as against the rate of N1,483.29/$1 recorded on Friday.
The intra-day high and low recorded during the day were N1,505/$1 and N1,410/$1 respectively, representing a lean spread of N95/$1.
However, the Naira appreciated against the dollar at the parallel section of the market to trade at N1,485/$1, as against the rate of N1,490/$1 the previous day, representing a gain of N5 for the local currency.
Similarly, the Naira gained against the British Pound to trade at N1,890/£1 as against the previous day’s rate of N1,920/£1, representing a gain of N30 for the local currency.
For several weeks consecutively, 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 gained against the Euro to trade at N1,580/€1 as against the previous trading day’s rate of N1,590/€1, indicating a gain of N10 in the local currency.
