Naira continues Yo-yo dance at official market, trades at N904.65/$1 

The Nigerian naira further depreciated against the dollar  to close at N904.65/$1 at the official Nigeria Autonomous Foreign Exchange Market (NAFEM) window.

The domestic currency depreciated 4.38% or a loss of N39.62 when compared to the N865.03 it closed on Tuesday.

The intraday high recorded was N1186/$1, while the intraday low was N720.50/$1, representing a wide spread of N255/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $120.80 million, representing a 22.89% increase compared to the previous day.

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However, the naira appreciated slightly at the parallel forex market where forex is sold unofficially, the exchange rate appreciated to N1245/$1 against the N1260/$1 the previous day, while peer-to-peer traders quoted around N1229/$1.

The naira slumped slightly against the British pound to depreciate to N1,580/£1 as against the rate of N1,520/£1 recorded on Tuesday.

The naira also slumped against the Euro to close at ₦1,300/€1 against the ₦1,270/€1 on Tuesday while the naira closed flat against the Canadian dollar at 960/CA$1.