Naira fails to respond to CBN’s measures, depreciates to N1461.90 at official market

The naira failed to immediately respond to the various measures put in place by the Central Bank of Nigeria as it dipped slightly against the dollar on Thursday, February 1, 2024.

The domestic currency closed at N1,461.90/$1 as against the N1,455.59/$1on the last day of the month representing a loss of N6.31 data from the Nigerian Autonomous Foreign Exchange NAFEM window where forex is officially traded has shown.

The intraday high recorded was N1,526.00/$1, while the intraday low was N891.00/$1, representing a wide spread of N635/$1.

READ ALSO:Naira hits record low of N1,482.57/$1 at official window, higher than black market rate

However, the naira appreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,500/$1, an appreciation of N15 compared to the N1,515/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

The naira closed flat against the British Pound to trade at N1,880/£1 same as the previous day’s trading price of N1,800/£1

The naira also closed flat against the Canadian dollar as it closed at N1150/CA$1 same as the N1150/CA$1 it traded the previous day.

The naira also closed flat against the Euro, trading at ₦1,600/€1 same as the previous closing price.

By Babajide Okeowo

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