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

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.

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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.