Naira slumps again at official window

The naira reversed the gain it recorded on Tuesday to depreciate against the American Dollar at the end of trading on Thursday May 2, 2024 at the official window.

The domestic currency traded at N1,402.67/$1 according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Thursday, the naira lost N12.67 against the dollar when compared to the previous exchange rate of N1,390/$1 on Tuesday, April 30, 2024.

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The intra-day high and low recorded during the day were N1,445/$1 and N1,299 /$1 respectively, representing a lean spread of N146\$1.

Similarly, the naira lost against the dollar at the parallel section of the market to trade at N1,380/$1 representing a loss of N60 when compared to the N1,320/$1 it traded the previous trading day before the Workers Day celebration.

In the same vein, the naira depreciated against the pound. The domestic currency depreciated by N50 against the British Pound to trade at N1,750\£1 as against the previous trading price of N1,700/£1 representing a loss of N50 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 also slumped against the Euro to trade at ₦1,500/€1 as against the rate of ₦1,450/€1 the previous trading rate indicating a loss of N50 for the Nigerian currency.