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Naira Watch

Naira slumps against dollar, trades at N1,488/$1 at official window

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The Nigerian currency, the naira, slumped against the American dollar on Wednesday June 5, 2024 to trade at N1,488/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Wednesday, the naira shed N12 against the dollar, trading at N1,488/$1 as against the rate of N1,476/$1 recorded on Tuesday, June 4, 2024.

The intra-day high and low recorded during the day were N1,520/$1 and N1,1363/$1 respectively, representing a lean spread of N157\$1.

However, the naira closed flat against the dollar at the parallel section of the market to trade at N1,500/$1, same as the previous day’s rate of N1,500/$1.

READ ALSO:Naira down by 0.05%, trades N1, 476/$ at official market

Similarly, the British Pound traded at N1,900\£1, same as the previous day’s rate.

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 closed flat against the Euro to trade at ₦1,600/€1 same as the previous day’s rate of ₦1,600/€1.

By: Babajide Okeowo

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