Naira depreciation at official, parallel windows continues

The naira continued its slump against the American dollar for the seventh consecutive day on Friday April 26, 2024 at both the official and parallel windows.

The domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Friday, the naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday, April 26, 2024.

The intra-day high and low recorded during the day were N1,410/$1 and N1,051 /$1 respectively, representing a wide spread of N359\$1.

READ ALSO:Naira depreciates further, trades at ₦1,308 at official window

Similarly, the naira slumped against the dollar at the parallel section of the market for the seventh consecutive day to trade at N1,430/$1 representing a loss of N10 when compared to the N1,420/$1 it traded the previous day.

However, the naira gained against the pound. The domestic currency appreciated by N50 against the British Pound to trade at N1,650\£1 as against the previous trading price of N1,700/£1 representing a gain of N50 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.

The Euro also slumped against the naira to trade at ₦1,450/€1 as against the rate of ₦1,500/€1 the previous trading rate indicating a gain of N50 for the Nigerian currency.

By: Babajide Okeowo

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