Naira appreciates at official market, slumps at parallel market

The Nigerian currency, the naira, got off to a positive start against the American dollar on Monday June 3, 2024 to trade at N1,476/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Monday, the naira gained N9 against the dollar as against the previous exchange rate of N1,485/$1 recorded on Friday, May 31, 2024.

The intra-day high and low recorded during the day were N1,500/$1 and N1,1250/$1 respectively, representing a spread of N250\$1.

However, the naira slumped against the dollar at the parallel section of the market at N1,510/$1, as against the previous day’s rate of N1,485/$1, representing a loss of N35 for the local currency.

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The same scenario played out with the British Pound as it traded at N1,920\£1, as against the previous day’s rate of N1,880\£1 representing a loss of N40 for the local currency.

For several days running, 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, also slumped against the Euro to trade at ₦1,610/€1 as against the rate of ₦1,580/€1 the previous trading rate, this represents a loss of N30 in the local currency.