Connect with us

Naira Watch

Naira yoyo movement continues, depreciates to ₦1479.47/$1 at official window



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The naira, yoyo movement continued on Thursday, February 8, 2024 as the domestic currency depreciated to ₦1,479.47/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a loss of N60.69 when compared to the ₦1418.78/$1 it traded the previous day.

The intraday high recorded was N1,504.00/$1, while the intraday low was N946.82/$1, representing a wide spread of N557.18/$1.

The naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,500/$1 same as the price it closed the previous day, while peer-to-peer traders quoted around N1526/$1.

READ ALSO:Naira reverses two days of recovery, slumps to N1433.89/$1

The naira also closed flat against the British Pound to trade at N1,890/£1 same as the previous trading day.

The naira shed a massive N100 against the Canadian dollar to trade at N1200/CA$1, as against the N1100/CA$1 it traded the previous day.

Meanwhile, the naira appreciated by N15 against the Euro, to trade at ₦1,585/€1 as against the previous closing price of ₦1,600/€1.

By Babajide Okeowo

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now