Naira plunges to N1,523/$1 on official exchange

The Nigerian currency, the naira started the week against the US dollar on Monday, July 8, 2024 on a negative note.

The local currency weakened by N14 to trade at N1,523/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1.509/$1 traded on Friday, July 5, 2024.

The highest and lowest intraday prices recorded during the day were N1,540/$1 and N1,474/$1 respectively, indicating a very tight spread of N66\$1.

ALSO READ:Naira exchange rate drops by N8, trades at N1,520/$1 on official exchanges

The naira lost N5 against the dollar in the parallel market and was trading at N1,530/$1, compared with an exchange rate of N1,525/$1 in the previous trading day.

The Naira weakened by N25 against the British Pound to trade at N1.950\£1 compared to the previous trading day’s exchange rate of N1.925\£1 reflecting a loss of N25 for the local currency.

The Canadian dollar continued to close flat against the naira and traded at N1,200|CA$1, the same as the previous day’s trading value of N1,200|CA$1.

The Naira weakened against the Euro by N20 and was trading at ₦1,640/€1 compared to the previous trading day’s exchange rate of ₦1,620/€1.

By: Babajide Okeowo

Naira plunges to N1,523/$1 on official window first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.