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Naira Watch

For first time in a month, naira drops against Canadian dollar, now N950/CA$1



The naira continued its freefall hitting a week’s new low on the first trading day in December to close at N927.19/$1 but closed flat at the parallel market at N1165/$1.

Meanwhile, the naira also slumped against the Pound, Euro and the Canadian dollar at ₦1,470/£1, ₦1,177.85/€1 and for the first time in a month, the Canadian dollar appreciated against the naira to close at N950/CA$1.

The domestic shed N96 or 11.39% to close at N927.19/$1 at the close of business on Friday against the N831.47/$1 the previous day, data from the Nigerian Autonomous Foreign Exchange Market NAFEM where forex is officially traded, showed.  

READ ALSO:Naira weakens slightly at official window, as parallel rate hits N1165/$1

This represents an N94.87 loss or a 11.39% decline in the local currency compared to the N832.32 it closed on Thursday.

The intraday high recorded was N1160/$1, while the intraday low was N701/$1, representing a wide spread of N459/$1.  

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $110.14 million, representing a 4.57% decrease compared to the previous day.

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