The Nigerian currency, the naira, gained a massive N166 against the American dollar on Tuesday May 28, 2024 to trade at N1, 173/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
At the end of trading on Tuesday, the naira gained N166 against the dollar as against the previous exchange rate of N1,339/$1 on Monday, May 27, 2024.
The intra-day high and low recorded during the day were N1,506/$1 and N1,150/$1 respectively, representing a big spread of N356$1.
However, the naira appreciated against the dollar at the parallel section of the market, to trade at N1,515/$1 representing a gain of N5 when compared to the N1,520/$1 it traded the previous trading day.
READ ALSO:Naira trades N1, 339/$ at official market
Similarly, the naira slumped against the British Pound to trade at N1,930£1 as against the previous trading price of N1,920/£1 representing a loss of N10 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 slumped against the Euro to trade at ₦1,630/€1 as against the rate of ₦1,600/€1 the previous trading rate, this represents a loss of N30 in the local currency.
By: Babajide Okeowo
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
