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.

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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.