The Naira began the new trading week on a high by continuing its recovery against the American dollar on Monday, August 12, 2024.
The domestic currency gained N4 to trade at N1,570/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This is against the rate of N1,574/$1 it traded on Friday August 9, 2024.
The intra-day high and low recorded during the day were N1,593/$1 and N1,500/$1 respectively, representing a very lean spread of N93/$1.
Similarly, the Naira gained N10 against the dollar at the parallel section of the FX market against the dollar to trade N1,600/$1, as against the rate of N1,610/$1 it traded the previous trading day.
The naira also gained N30 against the British Pound to trade at N2,060/£1 as against the previous trading day’s rate of N2,090/£1.
The Canadian dollar continues to close 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 N30 against the Euro to trade at N1,700/€1 as against the previous trading day’s rate of N1,730/€1.