Naira reverses three-day winning streak, slumps to N1,602/$1 at official window

A three-day gaining streak by the Nigerian currency, the naira came to an end on Tuesday, March 5, 2024 as the domestic currency slumped to N1,602.43/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a loss of N68.24 when compared to the N1,534.19/$1 it closed on, on Monday.

The intraday high was N1,652.40/$1, while the intraday low was N1,450/$1, representing a spread of N202.40/$1 higher than the lean spread of N175.40/$1 the previous day.

Similarly, the naira slumped against the dollar at the parallel market slumping to N1,625/$1 as against the N1,610 /$1 it traded the previous day representing a loss of N15 as the difference between the official and parallel windows begin to converge.

READ ALSO:Naira continues recovery at official window, trades at ₦1,534.19/$1, slumps to N1,610 in black market

The naira stopped its recent losses against the British Pound to trade at N2,050/£1 same as the previous trading day’s price of N2,050/£1.

The naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.

The Euro slumped against the naira to trade at ₦1,720/€1 as against the previous closing price of ₦1,750/€1 representing a gain of N30 for the local currency.

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