Naira crashes further at official, parallel markets

The Nigerian currency, the naira, continued its depreciation on Thursday May 9, 2024 to further slump to N1,459/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Thursday, the naira lost N38 against the dollar when compared to the previous exchange rate of N1,421/$1 on Tuesday, May 7, 2024.

The intra-day high and low recorded during the day were N1,465/$1 and N1,351/$1 respectively, representing a lean spread of N114\$1.

Similarly, the naira lost against the dollar at the parallel section of the market to trade at N1,455/$1 representing a loss of N5 when compared to the N1,450/$1 it traded the previous trading day.

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Contrastingly, the naira gained N20 against the pound. The domestic currency appreciated by N20 against the British Pound to trade at N1,820\£1 as against the previous trading price of N1,840/£1 representing a gain of N20 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000| CA$1 same as the previous trading day rate.

The naira appreciated against the Euro to trade at ₦1,525/€1 as against the rate of ₦1,540/€1 the previous trading rate this represents a gain of N15 in the local currency.