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Naira Watch

Naira slumps marginally against dollar, trades N1, 483/$1 at official window



The Naira slumped marginally against the United States dollar in the first official trading session after the Eid-El-Kabir holidays on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1, 483.02/$ in today’s trading.

This was N1 higher than the N1, 482.72/$1 it recorded on Friday.

The intra-day high and low recorded during the day were N1,514/$1 and N1,390/$1 respectively, representing a very lean spread of N124\$1.

READ ALSO: Naira down by N3, trades N1, 476/$1 at official window

Similarly, the naira slumped against the dollar at the parallel section of the market to trade at N1, 483/$1 as the N1, 485/$1 it traded the previous trading day.

In the same vein, the naira lost N20 against the British Pound to trade at N1, 900\£1 as against the previous trading day’s N1,880\£1.

For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1.

The naira also lost N5 against the Euro to trade at ₦1,575/€1 as against the previous trading day’s rate of ₦1,570/€1.

By: Babajide Okeowo

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