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Naira Watch

Naira slumps against dollar to N841.14/$1 at official market



The naira, Thursday maintained its up-and-down movement falling against the U.S. dollar at the official market but appreciated marginally at the parallel market.

This follows the local currency appreciation against the dollar in the official market the previous day.

The exchange rate between the naira and dollar fell to N841.14/$1 on Thursday at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

This represents an N22.15 loss or a 2.63% decline in the local currency compared to the N818.99 it recorded on Wednesday.

READ ALSO:Naira makes slight rebound, appreciates to N818.99/$1 at official market

The intraday high recorded was N1140/$1, while the intraday low was N600/$1, representing a wide spread of N540/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $127.65 million, representing a 26.43% decrease compared to the previous day.

However, the naira gained marginally at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26%, quoted at N1137/$1, while peer-to-peer traders quoted around N1129.20/$1 as against the N1140 it traded the previous day.

Meanwhile, the naira also depreciated against the British Pound to ₦1,400/£1 against ₦1,356/£1 the previous day while the Euro slumped against the naira to ₦1,158.172//€1 against the ₦1,172/€1 recorded the previous day.

By Babajide Okeowo

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