Naira gains N5.96 against dollar at official window

The Nigerian currency, the naira, recovered marginally against the American dollar at the official market on Wednesday.

The Central Bank of Nigeria (CBN) Foreign exchange data showed that the naira appreciated to N1, 584.49/$1 as against N1, 590./$1 it traded on Friday.

This represents a gain of N5.96 for the local currency.

On the black market, the naira lost N5 against the dollar to trade at N1,625/$1 as against the previous day’s rate of N1, 620/$1.

The naira also lost N5 against the British Pound to trade at N2,165/£1 as against the previous N2,160/£1.

After several weeks of holding steady at N1,150/CA$1, the Canadian Dollar appreciated against the naira to trade at N1,200/CA$1 as against the previous N1,150/CA$1,

The naira lost N20 against the Euro to trade at ₦1,820/€1 as against the ₦1,800/€1 posted five days ago.

By: Babajide Okeowo

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