Business
FX scarcity worsens as Naira hits N1600/$1 at parallel market
The naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,600/$1 as against the N1,565/$1 it traded the previous day, this represents a loss of N35 in the local currency while peer-to-peer traders quoted around N1567/$1.
The naira also shed a further N80 against the British Pound to trade at N1,990/£1 as against the N1,910/£1 it traded the previous trading day.
The naira closed flat against the Canadian dollar to trade at N1200/CA$1, same as the previous day.
READ ALSO: Naira closes above N1500/$1 amid declining forex turnover
Meanwhile, the Naira slumped against the Euro to trade at ₦1,680/€1 as against the previous closing price of ₦1,610/€1.
The naira, appreciated on Thursday, February 14, 2024 to N1,498.25/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is traded officially has shown.
The domestic currency experienced an appreciation of N5.13 when compared to the N1503.38/$1 it closed at on the previous trading day.
The intraday high recorded was N1,607/$1, while the intraday low was N1,100/$1, representing a wide spread of N607/$1.
-
Trending Stories1 week agoDavido, Wizkid, Burna Boy or Asake: Who is having the biggest 2026 so far?
-
Football1 week agoPremier League releases 2026/27 festive fixtures, 7 matches set for Boxing Day
-
Crime6 days agoAnambra Police arrest mother over alleged child sexual exploitation
-
Business5 days agoJetour Nigeria, dealers take dashing, other models to Abuja Experience
-
Business6 days agoDangote Refinery IPO shifts spotlight to corporate governance, investor protection
-
Business3 days agoDangote IPO rush crashes Bamboo login as investors flood platform
-
Business2 days agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
Business4 days agoNigeria Business Outlook: Dangote IPO, markets, inflation and naira in focus this week