Despite various measures implemented by the Central Bank of Nigeria (CBN) to shore up the naira, the domestic currency showed a slight dip against the dollar, closing at N1,461.90/$1 on Thursday, February 1, 2024. This marks a marginal loss of N6.31 compared to the last day of the previous month.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, where forex is officially traded, revealed an intraday high of N1,526.00/$1 and an intraday low of N891.00/$1, indicating a substantial spread of N635/$1.
Contrarily, the naira experienced appreciation in the parallel forex market, quoting at N1,500/$1, reflecting a N15 gain from the N1,515/$1 rate recorded the previous day. Peer-to-peer traders quoted around N1,526/$1.
The naira maintained its stability against other major currencies, closing flat at N1,880/£1 against the British Pound, N1150/CA$1 against the Canadian dollar, and ₦1,600/€1 against the Euro, mirroring the previous day’s trading prices.
