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Naira Watch

Naira down by N3, trades N1, 476/$1 at official window

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The naira depreciated against the United States dollar on the first trading session after the Democracy Day celebration on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the naira traded at N1, 476.24/$1 at the market.

This was N3 higher than the N1, 473.26/$1 recorded on Tuesday.

The intra-day high and low recorded during the day were N1, 500/$1 and N1, 400/$1 respectively, representing a very lean spread of N100\$1.

READ ALSO: Naira sheds N2 against dollar, trades at N1,483/$1 at official window

The naira slumped against the dollar at the parallel section of the market to trade at N1,490/$1 as against N1,485/$1, representing a loss of N5 for the local currency.

Similarly, the naira lost N15 against the British Pound to trade at N1,900\£1 as against N1,885\£1 recorded 48 hours earlier.

For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira also closed flat against the Euro to trade at ₦1,580/€1.

By: Babajide Okeowo

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