Naira’s freefall continues, trades at N1,598/$1 at official window

The naira, Monday, February 19, 2024 continued its slump as the local currency slumped to N1,598.54/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where the foreign exchange is traded officially has shown.

This represents a loss of N60.58 in the local currency when compared to the N1,537.96/$1 it closed on Friday February 16, 2024.

The difference between the intraday high and low was a whopping N612$1 as it peaked at a record high of N1712/$1, while the intraday low was N1100/$1.

READ ALSO:Naira closes week on a losing note, slumps to N1,537/$1 at official window

Similarly, the Naira depreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,710/$1, as against the N1,655 rate it closed at the previous official trading day on Friday. This represents a loss of N45 in the local currency.

The naira also shed a further N80 against the British Pound to trade at N2,120/£1 as against the N2,040/£1 it traded the previous trading day.

The naira shed N50 against the Canadian dollar to trade at N1,250/CA$1, as against the previous price of N1,200/ CA$1 it traded the previous day.

Meanwhile, the naira slumped by N95 against the Euro to trade at ₦1,815/€1 as against the previous closing price of ₦1,720/€1.

By Babajide Okeowo

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