Naira slumps marginally at official window, appreciates at parallel market

For the third day, the Nigerian currency, the naira, slumped against the dollar at the official foreign exchange market on Wednesday, February 5, 2025.

FMDQ data showed that the naira slumped to N1,499.76/$1 on Wednesday, down from N1,498.95/$1 on Tuesday, February 4, 2025.

This represents a loss of N0.81 for the local currency.

However, at the parallel market, the naira gained N15 against the dollar to trade at N1,590/$1 as against the previous rate of N1,605/$1.

READ ALSO: Naira slumps after several days of strong showing, sheds N16 at official window

The naira gained N20 against the British Pound to trade at N1,990/£1 as against the previous day’s rate of N2,010\£1.

The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.

The naira gained N20 against the Euro to trade at ₦1,640/€1 as against the previous day’s rate of ₦1,660/€1.

By: Babajide Okeowo

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