On December 8th, 2024, the Nigerian Naira continued its recent trend of gaining value against the US dollar, making it the third time this year. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the Naira had appreciated to $1 at the close of business, representing a gain of N12.56 compared to the previous day’s closing value of N869.13. The intraday high was N1,185, while the intraday low was N720.00, making the spread N465. However, the Naira remained unchanged against the parallel market, closing at N1245/$1. Peer-to-peer traders quoted an exchange rate of around N1251.26/$1.
Meanwhile, the Naira lost N10 against the British pound, closing at N1,560/£1 compared to the N1,550/£1 it traded on Friday. On the other hand, the Canadian dollar maintained its stability, closing at N980/CA$1, the same as the previous day. The Naira also remained unchanged against the Euro, closing at ₦1,320/€1, the same as the previous day.