Naira’s crash continues, crosses N1,500 mark - Ripples Nigeria
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Naira’s crash continues, crosses N1,500 mark

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

The Nigerian currency, the naira continued its slump against the dollar on Tuesday May 14, 2024 to trade at N1,520/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

At the end of trading on Tuesday, the naira lost N42 against the dollar when compared to the previous exchange rate of N1,478/$1 on Monday, May 13, 2024.

The intra-day high and low recorded during the day were N1,568/$1 and N1,350/$1 respectively, representing a lean spread of N218\$1.

Similarly, the naira slumped against the dollar at the parallel section of the market, crossing the N1500 point to trade at N1,530/$1 representing a loss of N15 when compared to the N1, N1,515/$1 it traded the previous trading day.

READ ALSO:Naira crashes further, trades at N1,459/$1 at official window

In the same vein, the naira lost N10 against the pound. The domestic currency depreciated by N10 against the British Pound to trade at N1,870\£1 as against the previous trading price of N1,860/£1 representing a loss of N10 for the local currency,

The Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.

The naira also depreciated against the Euro to trade at ₦1,620/€1 as against the rate of ₦1,600/€1 the previous trading rate this represents a loss of N20 in the local currency.

By: Babajide Okeowo

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