Naira in riotous mode on parallel window dips to N1,900

The naira, Wednesday, February 21, 2024 recovered slightly as the local currency appreciated to N1542.58/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the foreign exchange is traded officially has shown.

This represents a gain of 8.66 in the local currency compared to the N1,551.24/$1it closed on Tuesday.

The intraday high recorded was N1,755/$1, while the intraday low was N1050/$1, representing a wide spread of N705/$1.

However, the naira was in a riotous mode at the parallel market, where forex is unofficially traded, with the exchange rate in a yoyo mode before settling at N1,900/$1, as against the N1,825 rate it closed at the previous official trading day on Monday. This represents a loss of N75 in the local currency.

READ ALSO:Naira’s freefall continues, trades at N1,598/$1 at official window

The naira also shed a further N50 against the British Pound to trade at N2,260/£1 as against the N2,210/£1 it traded the previous trading day.

The naira shed N20 against the Canadian dollar to trade at N1,270/CA$1, as against the previous rate of N1,250/CA$1 the previous trading day.

Meanwhile, the naira slumped by N105 against the Euro to trade at ₦1,960/€1 as against the previous closing price of ₦1,855/€1.

By Babajide Okeowo

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