The Naira recovered slightly against the dollar on Friday to trade at N1, 497/$1,according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the end of trading on Friday, the Naira gained N36 against the dollar compared to the previous exchange rate of N1,533/$1 on Thursday, May 16, 2024.
The intra-day high and low recorded during the day were N1,555/$1 and N1,415/$1 respectively, representing a lean spread of N140/$1.
Similarly, the Naira recovered against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a gain of N40 when compared to the N1,560/$1 it traded the previous trading day.
However, the Naira depreciated against the British Pound to trade at N1,940\£1 as against the previous trading price of N1,900/£1 representing a loss of N40 for the local currency,
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 depreciated against the Euro to trade at N1,640/€1 as against the rate of N1,620/€1 the previous trading rate, which represents a loss of N20 in the local currency.
