Naira reverses days of appreciation, tumbles to ₦1,615/$1 at official window

The Nigerian currency, the naira, Wednesday March 13, 2024 reversed days of appreciation against the American dollar to tumble to N1,615.94|$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a loss of N12.56 when compared to the N1,603.38/$1 it closed on Tuesday, March 12, 2024.

The intraday high was N1,635/$1, while the intraday low was N1,500/$1, representing a lean spread of N135/$1.

Meanwhile, the naira shed N2 against the dollar at the parallel market as the local currency slumped to N1,605/$1 as against the N1,603 /$1 it traded the previous day. As it stands, the naira is trading higher at the official window than the parallel window.

READ ALSO:Naira appreciates further against dollar at official window, trades at ₦1,603|$1

The naira however appreciated against the British Pound to trade at N2,030/£1 as against the previous trading day’s price of N2,050/£1 representing a gain of N20 for the local currency.

The Canadian dollar also slumped slightly against the naira to trade at N1,250| CA$1 on Wednesday as against the N1,300| CA$1 it traded the previous day representing a gain of N50 for the local currency.

The naira lost N20 against the Euro to trade at ₦1,720/€1 as against the previous closing price of ₦1,740/€1.

By Babajide Okeowo

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