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Naira Watch

Naira slumps marginally at official, parallel windows

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The naira slumped marginally against the United States dollar on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1, 485.53/$1 on Friday.

At the end of trading today, the naira lost less than N1 against the dollar as against the N1,485.36/$1 it recorded on Thursday.

The intra-day high and low recorded during the day were N1, 505/$1 and N1, 401/$1 respectively, representing a very lean spread of N104\$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 N1,495/$1, as against the N1,490/$1 it traded the previous trading day.

However, the Nigerian currency appreciated slightly against the British Pound to trade at N1,890\£1 s against the previous trading day’s N1,900\£1.

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

The naira also lost N10 against the Euro to trade at ₦1,590/€1 as against the previous trading day’s ₦1,580/€1.

By: Babajide Okeowo

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