Naira sheds N5 at official window, trades at N1,490/$1

The Nigerian currency, the naira started the week on a losing note as it lost marginally against the American dollar on Monday, June 24, 2024.

The domestic currency traded at N1,490.20/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Monday, the naira lost N5 against the dollar following the rate of N1,485.53/$1 it recorded on Friday, June 21, 2024.

The intra-day high and low recorded during the day were N1,505/$1 and N1,411/$1 respectively, representing a very lean spread of N94\$1.

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Similarly, the naira slumped against the dollar at the parallel section of the market to trade at N1,505/$1, as against the rate of N1,495/$1 it traded the previous trading day representing a loss of N10 for the local currency.

However, the naira closed flat against the British Pound to trade at N1,890\£1 same as the previous trading day’s rate of N1,890\£1.

For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira gained N10 against the Euro to trade at ₦1,580/€1 as against the previous trading day’s rate of ₦1,590/€1.