Naira made a notable recovery against the US dollar on Thursday, October 24, 2024, reversing several days of depreciation in the official foreign exchange market. According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency traded at N1,601.20 per dollar, reflecting a decrease of N52.89 from the previous day’s rate of N1,654.09.
Despite the recovery in the official market, the Naira experienced a decline in the parallel segment, where it lost N7 against the dollar to trade at N1,735, compared to the prior rate of N1,728. Additionally, the Naira depreciated by N5 against the British Pound, now trading at N2,260, up from N2,255.
The Canadian dollar remained stable, with no change, maintaining its rate at N1,300 per Canadian dollar. Similarly, the Naira saw a decline against the Euro, trading at ₦1,865 per euro, which is a drop of N5 from the previous day’s rate of ₦1,860.
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As the foreign exchange market continues to fluctuate, analysts are keeping a close eye on the Naira’s performance and potential impact on Nigeria’s economy.
