Business
Naira slump continues, closes at N931.23 /$1 at official market
The depreciation of the Nigerian currency, the naira continued on Wednesday, January 17, 2024 as it slumped further to N931,23/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.
The domestic currency depreciated by N52.72 as the naira weakened to N931.23/$1 compared to the N878.57/$1 it closed on the previous day.
The intraday high was N1299.50 while the intraday low was N701.00 representing a spread of N598.5.
READ ALSO: Huge demand for dollars responsible for Naira decline, says analyst
Similarly, the naira appreciated slightly at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1325/$1 as against the previous rate of N1325/$1 representing a gain of N5 while peer-to-peer traders quoted around N1331.80/$1.
The naira shed another N20 against the British Pound to close at N1,660/£1 as against the N1,640/£1 it traded the previous day.
The Canadian dollar also shed N10 to close at N990/CA$1, after more than one week of trading steadily at N980/CA$1
The naira shed N15 against the Euro to depreciate to ₦1,380/€1 as against the previous closing price of ₦1,365/€1 the previous trading day.
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