Naira slumps again, trades at ₦1605/$1 at official window, N1,610 at black market

The Nigerian currency, the naira, slumped again on Wednesday, March 6, 2024 as the domestic currency slumped to N1,605.74/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a loss of N3.31 when compared to the N1,605.74/$1 it closed on Tuesday, March 6, 2024.

The intraday high was N1,632/$1, while the intraday low was N1,400/$1, representing a spread of N232/$1.

Meanwhile, the naira appreciated against the dollar at the parallel market to N1,610/$1 as against the N1,625 /$1 it traded the previous day representing a gain of N15 for the local currency as the difference between the official and parallel windows began to converge.

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

The naira also appreciated against the British Pound to trade at N2,030/£1 same as the previous trading day’s price of N2,050/£1 representing a gain of N20 for the local currency.

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 again against the naira to trade at ₦1,700/€1 as against the previous closing price of ₦1,720/€1 representing a gain of N20 for the local currency.

By: Babajide Okeowo

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