Naira Rebounds, Registers Appreciation Against Major Currencies

In a positive turn of events, the Nigerian naira rebounded on Friday, February 9, 2024, recovering from the depreciation experienced the previous day. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window indicated that the local currency appreciated to ₦1,469.97/$1, marking a gain of N9.50 compared to the ₦1,479.47/$1 recorded on Thursday.

During the trading session, the naira demonstrated resilience, reaching an intraday high of N1,560.00/$1 and a low of N996.00/$1, showcasing a substantial spread of N564.00/$1. Additionally, the parallel forex market, where unofficial forex transactions occur, reported an exchange rate of N1,490/$1, representing a gain of N10 from the previous day’s rate of N1,500/$1. Peer-to-peer traders quoted around N1,496/$1.

The naira exhibited strength against other major currencies as well. It appreciated by N5 against the British Pound, trading at N1,885/£1, compared to the previous day’s rate of N1,890/£1. Against the Canadian dollar, the naira maintained stability, closing at N1,200/CA$1, consistent with the previous day’s rate.

Notably, the naira recorded a significant gain of N10 against the Euro, trading at ₦1,575/€1, surpassing the previous closing price of ₦1,585/€1. This positive movement reflects a more favorable position for the Nigerian currency in the foreign exchange market.

The rebound and appreciation of the naira against major currencies signify a positive development in the foreign exchange landscape, providing a momentary respite for the domestic currency.

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