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Naira slumps again to ₦1,615/$1 at official market



Naira trades below N600 to a dollar at official market
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The naira reversed the gains recorded on the first trading of the week on Monday, February 26, 2024 on Tuesday, February 27, 2024 as the local currency depreciated to ₦1615.94/$1, data from the Nigerian Autonomous Foreign Exchange Market (Window where forex is traded officially has shown.

This represents a loss of N33 when compared to the ₦1582.94/$1 it traded on Monday, February 26, 2024.

For the second consecutive day, the intraday high recorded was N1,778/$1, while the intraday low was N1,300/$1, representing a wide spread of N478/$1.

Like on the official window, the naira also depreciated against the dollar at the parallel market slumping to N1,610/$1 as against the N1,530/$1 it traded the previous day representing a loss of N80 as the difference between the official and parallel windows begin to narrow.

READ ALSO: Naira appreciates against Dollar at official market

However, the naira continued its appreciation against the British Pound to trade at N1,950/£1 as against the previous trading day’s price of N2,000/£1. This represents a further appreciation of N50.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The Euro appreciated slightly against the naira to trade at ₦1,740/€1 as against the previous closing price of ₦1,700/€1 on Monday, February 26, 2024 representing a loss of N40 in the naira.