Naira slumps at official window against Dollar, other currencies

The Nigerian currency, the naira started the week on a losing note against the American dollar.

The domestic currency lost N3 to trade at N1,508/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Monday, July 1, 2024, the naira lost N3 against the dollar following the rate of N1,505/$1 it recorded on Friday, June 28, 2024.

The intra-day high and low recorded during the day were N1,536/$1 and N1,441/$1 respectively, representing a lean spread of N95\$1.

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However, the naira gained against the dollar at the parallel section of the market to trade at N1,510/$1, as against the rate of N1,525/$1 it traded the previous trading day representing a gain of N15 for the local currency.

The naira also gained N20 against the British Pound to trade at N1,900\£1 as against the previous trading day’s rate of N1,920\£1.

The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira lost N10 against the Euro to trade at ₦1,590/€1 as against the previous trading day’s rate of ₦1,600/€1.