The Naira began the week on a strong note by strengthening to N838.95/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the foreign exchange is traded officially has shown.
This represents a gain of N51.79 in the domestic currency when compared to the N869.13 it closed on the last official trading day on Friday, January 12, 2024.
The intraday high was N1261 while the intraday low was N701.00 representing a spread of N560.
Similarly, the Naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1285/$1, representing a loss of N20 when compared to the N1265/$1 it traded the previous day, while peer-to-peer traders quoted around N1296.32/$1.
The Naira depreciated by N15 against the British Pound closing at N1,600/£1 as against the N1,585/£1 it traded the previous day.
Like most of the previous week, the Canadian dollar maintained a bit of stability to close at N980/CA$1, the same as its closing price Friday, last week.
The Naira shed N30 against the Euro to depreciate to N1,360/€1 as against the previous closing price of N1,330/€1 the previous trading day last week.
