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Naira Watch

Again, Naira slumps, depreciates to N1,503.38/$1 at official window



After a day of recovery, the Nigerian currency, the naira, depreciated on Wednesday, February 14, 2024 to N1,503.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is traded officially has shown.

The domestic currency experienced a depreciation of N3.93 when compared to the N1499.07 it closed at on the previous trading day.

The intraday high recorded was N1,582/$1, while the intraday low was N922.38/$1, representing a wide spread of N659.62/$1.


Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,565/$1 as against the N1,532/$1 it traded the previous day, this represents a loss of N33 in the local currency while peer-to-peer traders quoted around N1567/$1.

The naira also shed a further N10 against the British Pound to trade at N1,910/£1 as against the N1,900/£1 it traded the previous trading day.

The naira closed flat against the Canadian dollar to trade at N1200/CA$1, same as the previous day.

Meanwhile, the naira appreciated by N10 against the Euro, it gained N10 to trade at ₦1,610/€1 as against the previous closing price of ₦1,620/€1.

By Babajide Okeowo

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