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.