FX crisis worsens as Naira inches closer to N1500/$1 at official market

The naira, yoyo movement continued on Thursday, February 8, 2024 as the domestic currency depreciated to N1,479.47/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a loss of N60.69 when compared to the N1418.78/$1 it traded the previous day.

The intraday high recorded was N1,504.00/$1, while the intraday low was N946.82/$1, representing a wide spread of N557.18/$1.

The naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,500/$1 same as the price it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

READ ALSO: Naira appreciates to ₦1418.78/$1 at official window, drops at parallel market

The naira also closed flat against the British Pound to trade at N1,890/£1 same as the previous trading day.

The naira shed a massive N100 against the Canadian dollar to trade at N1200/CA$1, as against the N1100/CA$1 it traded the previous day.

Meanwhile, the naira appreciated by N15 against the Euro, to trade at ₦1,585/€1 as against the previous closing price of ₦1,600/€1.