The Naira depreciated to a record low of N1,534.39/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Monday, February 12, 2024.
This is against the N1,469.97/$1 it traded on Friday representing a trading depreciation of N64.42 when compared to what was recorded at the close of trading on Friday, last week.
The intraday high recorded was N1550/$1, while the intraday low peaked at N1,000/$1, representing a wide spread of N550/$1.
Similarly, the naira also depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,495/$1 as against the N1,490/$1 it traded the previous day, this represents a loss of N5 in the local currency while peer-to-peer traders quoted around N1496/$1.
The naira also shed N10 against the British Pound to trade at N1,895/£1 as against the N1,885/£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 massively against the Euro, it shed N25 to trade at ₦1,600/€1 as against the previous closing price of ₦1,575/€1.
By Babajide Okeowo
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