Naira slumps after several days of strong showing, sheds N16 at official window

After four consecutive days of appreciating against the dollar at the official window, the Nigerian currency, the naira slumped against the dollar at the official foreign exchange market on Monday, February 3, 2025.

FMDQ data showed that the naira slumped to N1,495.60/$1 on Monday, down from N1,478.78/$1 on Friday, January 31, 2025.

This represents a loss of N16.82 for the local currency.

However, at the parallel market, the naira gained N10 against the dollar to trade at N1,610/$1 as against the previous rate of N1,620/$1.

READ ALSO: Naira continues rally against dollar, gains N11 at official window

The naira equally gained N10 against the British Pound to trade at N2,000/£1 as against the previous day’s rate of N2,010\£1.

The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.

The naira closed flat against the Euro to trade at ₦1,670/€1 same as the previous day’s rate of ₦1,687/€1.

By: Babajide Okeowo

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