Naira sheds N2 against dollar, trades at N1,483/$1 at official window - Ripples Nigeria
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Naira sheds N2 against dollar, trades at N1,483/$1 at official window

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency, the naira, slumped slightly against the American dollar on Friday June 7, 2024 to trade at N1,483/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Friday, the naira gained N2 against the dollar, trading at N1,483/$1 as against the rate of N1,481/$1 recorded on Thursday, June 6, 2024.

The intra-day high and low recorded during the day were N1,507/$1 and N1,399/$1 respectively, representing a lean spread of N108\$1.

However, the naira appreciated against the dollar at the parallel section of the market to trade at N1,490/$1, as against the rate of N1,495/$1 the previous day representing a gain of N5 for the local currency.

READ ALSO:Naira gains N7 against dollar, trades at N1,481/$1 at official window

However, the naira slumped against the British Pound to trade at N1,920\£1 as against the previous day’s rate of N1,890\£1 representing a loss of N30 for the local currency.

For several days running, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira, also slumped against the Euro to trade at ₦1,590/€1 as against the previous day’s rate of ₦1,570/€1 indicating a loss of N20 in the local currency.

By: Babajide Okeowo

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