No respite for naira, depreciates further to N1520/$1 at official window

The exchange rate between the Naira and dollar and the official NAFEM window fell to N1,520.4/$ on Tuesday May 14, 2024. This is a 2.78% depreciation from the previous day close.

This is the lowest in over 6 weeks and the first time the official rate will close above N1500/$1 since March 19th 2024.

The intra-day high also plummeted to N1,568/$1 pointing to an even weaker exchange rate at some point during the day.

READ ALSO: Naira crosses N1,520 mark against Dollar at parallel market

In the same vein, the naira lost N20 against the pound. The domestic currency depreciated by N20 against the British Pound to trade at N1,860\£1 as against the previous trading price of N1,840/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed 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 also depreciated massively against the Euro to trade at ₦1,600/€1 as against the rate of ₦1,530/€1 the previous trading rate this represents a loss of N70 in the local currency.