The naira recovered massively against the American dollar at the official window on Wednesday.

Data from Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency gained N79 to trade N1,558/$1, down from the N1,637/$1 the currency traded at the official window on Monday.

The intra-day high and low recorded during the day were N1,659/$1 and N1,540/$1 respectively, representing a spread of N119$1.

However, the naira lost N5 against the dollar at the parallel section of the forex market to trade N1,665/$1 as against the previous N1,660/$1.

READ ALSO: Naira slumps further at official window to trade N1,625/$1

The naira closed flat against the British Pound to trade N2,200/£1 same as the previous rate of N2,220£1.

The Canadian dollar closed flat against the naira to trade N1,250| CA$1.

The naira gained N5 against the Euro to trade ₦1,815/€1 as against the previous day’s ₦1,820/€1.

By: Babajide Okeowo

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