Naira sheds N120 against dollar at parallel market, hits ₦1,420

The naira continued its slump against the American dollar for the sixth consecutive day on Thursday April 24, 2024 at the official window as the domestic currency traded at N1,309.88/$1.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Thursday, the naira lost N1.36 against the dollar when compared to the previous exchange rate of N1,308.52/$1 on Tuesday, April 23, 2024.

The intra-day high and low recorded during the day were N1,435/$1 and N1,100 /$1 respectively, representing a lean spread of N335\$1.

READ ALSO:Naira depreciates further, trades at ₦1,308 at official window

Similarly, the naira slumped against the dollar at the parallel market for the sixth consecutive day to trade at N1,420/$1 representing a loss of N120 when compared to the N1,300/$1 it traded the previous day.

Similarly, the naira lost against the pound. The domestic currency depreciated by N120 against the British Pound to trade at N1,700\£1 as against the previous trading price of N1,580/£1 representing a loss of N120 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000| CA$1 same as the previous trading day rate of N1,000| CA$1.

The Euro also gained against the naira to trade at ₦1,500/€1 as against the rate of ₦1,370/€1 the previous trading rate indicating a gain of N130 for the European currency.

By: Babajide Okeowo

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