Difference in official, black market prices of dollar now N463

The Nigerian naira slumped slightly to N902.45/$1 on Friday, January 19th, 2024, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where naira is traded officially has shown.

The domestic currency depreciated to N902.45/$1representing a N0.37 loss in the local currency compared to the N902.08 it closed at on the previous day.

The intraday high recorded was N1200/$1, while the intraday low was N467/$1, representing a wide spread of N733/$1.

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1365/$1 as against the N1340/$1it closed the previous day, representing a loss of N25 while peer-to-peer traders quoted around N1358.53/$1.

READ ALSO:Naira appreciates to N902.08/$1 at official market, slumps at parallel window

The difference between the official and black market price stood at N463.

The naira slumped massively against the British Pound to close at N1,750/£1 same as against N1,660/£1 it traded the previous trading day.

The Canadian dollar also closed flat at N990/CA$1, after more than one week of trading steadily at N980/CA$1

The naira gained N10 against the Euro to appreciate to ₦1,440/€1 as against the previous closing price of ₦1,450/€1 it traded the previous trading day.

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