Naira Watch
After several days of strong performance, Naira slumps at official, parallel markets
After a week of strong showing by the naira last week, the Nigerian currency slumped marginally against the dollar at both the official and parallel foreign exchange windows on Monday, December 9, 2024.
Last week, the Nigerian currency began the week on Monday, December 2 at N1,663/$ before settling at N1,537 at the official market on Friday gaining N126/$1 in the process.
The story was not different at the parallel market, as the naira peaked at N1,530/$ on Friday, December 6, 2024, from the N1, 730/$1 it traded at the beginning of the week signifying an appreciation of N200/$1
However, according to official data from the Central Bank of Nigeria, the naira was down at N1,538.50/$1 from N1,535/$1 recorded on Friday. This represents a depreciation of N3.50.
READ ALSO: Naira makes recovery against dollar at official, parallel markets
At the parallel section of the FX market, the naira shed N30 against the dollar to trade at N1, 630/$1 as against the previous day’s rate of N1, 600/$1.
The naira slumped again by a massive N200 against the British Pound to trade at N2,200/£1 as against the previous day’s rate of N2,000\£1.
After several weeks of holding steady at N1,300/CA$1, the Canadian Dollar shed N20 against the naira to trade at N1,280/CA$1.s
The naira gained N60 against the Euro to trade at ₦1,750/€1 as against the previous day’s rate of ₦1,810/€1.
By: Babajide Okeowo
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