Naira slumps further against major currencies

The Nigerian currency, the naira, experienced another significant decline on Tuesday, July 23, 2024, during the second day of trading this week.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira fell by N48 to trade at N1,548/$1, compared to N1,500/$1 on Monday, July 22, 2024.

Throughout the trading day, the naira’s intra-day high and low were N1,610/$1 and N1,470/$1, respectively, marking a narrow spread of N140/$1.

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The parallel market also saw the naira weaken against the dollar, dropping by N20 to N1,590/$1 from the previous rate of N1,570/$1.

Similarly, the naira depreciated against the British pound, losing N10 to trade at N2,060/£1 compared to N2,050/£1 the day before.

Against the Euro, the naira shed N50, trading at ₦1,700/€1 down from ₦1,650/€1 on the previous trading day. However, the Canadian dollar remained stable against the naira, maintaining a rate of N1,200/CA$1.

The ongoing depreciation of the naira highlights the continued volatility and challenges facing Nigeria’s foreign exchange market.