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Naira Watch

Naira sheds N23, slumps to N1,485/$1 at official window



The Nigerian currency, the naira, slumped against the dollar on Thursday May 23, 2024 to trade at N1, 485/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Thursday, the naira lost N23 against the dollar when compared to the previous exchange rate of N1,462/$1 on Wednesday, May 22, 2024.

The intra-day high and low recorded during the day were N1,510/$1 and N1,401/$1 respectively, representing a lean spread of N109\$1.

Similarly, the naira slumped against the dollar at the parallel section of the market, to trade at N1,506/$1 representing a loss of N5 when compared to the N1,600/$1 it traded the previous trading day.

READ ALSO:Naira gains N3 to trade at N1,465/$1 at official window

Contrastingly, the naira appreciated against the British Pound to trade at N1,880\£1 as against the previous trading price of N1,900/£1 representing a gain of N20 for the local currency,

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 appreciated against the Euro to trade at ₦1,570/€1 as against the rate of ₦1,600/€1 the previous trading rate, this represents a gain of N30 in the local currency.

By: Babajide Okeowo

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