Naira slumps to N890.54/$1 at official market

After gaining on Thursday, January 11, 2024, the Nigerian naira, again, slumped against the dollar on Friday, January 12, 2024, data from the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

The domestic currency depreciated to close at N890.54/$1 to a dollar at the close of business on Friday, data from the NAFEM where forex is officially traded, showed.

This represents an N15.75 loss or a 1.8% decline in the local currency compared to the N874.79 it closed on Thursday.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate depreciated to N1265/$1 as against N1260/$1 which the naira traded the previous day, this represents a loss of N5 while peer-to-peer traders quoted around N1268,05/$1.

READ ALSO:Naira rebounds, appreciates to N874.79/$1 at official market 

The naira depreciated by N15 against the British Pound closing at N1,585/£1 as against the N1,570/£1 it traded the previous day.

Again, the Canadian dollar maintained a bit of stability to close at N980/CA$1, the same as its closing price yesterday.

The naira shed N5 against the Euro to depreciate to ₦1,330/€1 as against the previous closing price of ₦1,325/€1 the previous day.

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