Naira closes week on a losing note, slumps to N1,537/$1 at official window

The Naira continued its yoyo movement to close the week on a losing note; it declined against the US Dollar in the official market, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

The domestic currency depreciated at the end of the week to close at N1,537.96/$1 as against the N1,498.25 it closed on Thursday representing a loss of N39.71 in the local currency.

The intraday high rose at the peak of N1631/$1, while the intraday low was N1000/$1, representing a wide spread of N631/$1.

READ ALSO:Naira recovers slightly, settles at N1499.07/$1

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,655/$1 as against the N1,600/$1 it traded the previous day, this represents a loss of N55 in the local currency while peer-to-peer traders quoted around N1567/$1.

The naira also shed a further N50 against the British Pound to trade at N2,040/£1 as against the N1,990/£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 slumped by N40 against the Euro to trade at ₦1,720/€1 as against the previous closing price of ₦1,680/€1.

By Babajide Okeowo

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