Naira falls further, trades at N900.96/$1 at official market

The Nigerian naira fell further against the dollar on Thursday, January 25th, 2024, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the forex is traded officially showed.

The domestic currency depreciated to N900.96/$1 representing a loss of N18.72 when compared to the N882.24 it closed on the previous day.

The intraday high recorded was N1399/$1, while the intraday low was N789/$1, representing a wide spread of N610/$1.

Meanwhile, the naira also depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1410/$1 as against the N1365/$1 it traded the previous day representing a loss of N45 while peer-to-peer traders quoted around N1429.12/$1.

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Similarly, the naira shed N5 off its price at the parallel window where forex is sold unofficially, the exchange rate was quoted at N1365/$1 as against the price of N1360/$1 the previous day, while peer-to-peer traders quoted around N1393/$1.

The naira lost N25 against the British Pound slumping to N1,750/£1 as against the previous day’s trading of N1,725/£1.

The Canadian dollar returned to the N1000 threshold closing at N1000/CA$1 as against the rate of N960//CA$1 it traded on Wednesday, January 24, 2024.

The naira also slumped against the Euro, trading at ₦1,480/€1 as against the previous closing price of ₦1,455/€1 at the last trading day representing a loss of N25.