Bad day for naira, slumps at official window, black market

The naira slumped after weeks of steady gain against the American dollar on Thursday April 18, 2024 at the official window as the domestic currency traded at N1,154/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

At the end of trading on Thursday, the naira lost N82 against the dollar when compared to the previous exchange rate of N1,072/$1 on Wednesday, April 17, 2024.

The intra-day high and low recorded during the day were N1,220/$1 and N1,000 /$1 respectively, representing a lean spread of N220\$1.

Similarly, the naira slumped against the dollar at the parallel market, also known as the black market, to trade at N1,100/$1 representing a loss of N50 when compared to the N1,050/$1 it traded the previous day.

READ ALSO:Naira recovers again, gains N72 against dollar to trade at N1,072/$1

The British Pound also slumped against the naira by N100 to trade at N1,450\£1 as against the previous trading price of N1,350/£1 representing a loss of N100 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000| CA$1 same as the previous trading day rate of N1,000| CA$1.

The Euro also slumped against the naira to trade at ₦1,2000/€1 as against the rate of ₦1,1500/€1 the previous trading rate indicating a gain of N50 in the European currency.

By: Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now