Naira slumps further to ₦1, 627/$1 at official window

The Nigerian currency, the naira, slumped again on Friday, March 8, 2024 as the domestic currency appreciated to ₦1, 627.40/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N25.23 when compared to the N1,602.17/$1 it closed on, on Thursday, March 7, 2024.

The intraday high was N1,640/$1, while the intraday low was N1,413/$1, representing a lean spread of N227/$1.

Meanwhile, the naira gained N2 against the dollar at the parallel market as the local currency appreciated to N1,618/$1 as against the N1,620 /$1 it traded the previous day.

READ ALSO:Naira recovers to ₦1,602/$1 at official window

The naira also gained against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,060/£1 representing a gain of N10 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 naira slumped against the Euro to trade at ₦1,725/€1 as against the previous closing price of ₦1,720/€1 representing a loss of N5 for the local currency.

By: Babajide Okeowo

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