Naira depreciated by N26 against the dollar and traded at N1,596/$1 on the official exchange

Nigeria’s currency, the naira, started the week on a low note, weakening by N26 against the US dollar on Monday, August 26, 2024.

The domestic currency trades at N1,596/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.

This is in contrast to the exchange rate of N1,570/$1 traded on Friday, August 23, 2024.

The intraday high and low prices recorded during the day were N1,610/$1 and N1,500/$1 respectively, indicating a slim spread of N110\$1.

The naira weakened N5 against the dollar in the parallel section of the forex market and was trading at N1,620/$1, against the previous exchange rate of N1,615/$1.

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The Naira also lost N10 against the British Pound and was trading at N2,090\£1 compared to the previous trading day’s exchange rate of N2,080\£1.

After a few weeks of steady trading at N1,200|CA$1, the Canadian dollar strengthened against the naira and is trading at N1,250|CA$1 reflecting a loss of N50 for the local currency.

The Naira lost N15 against the Euro and was trading at ₦1,785/€1 compared to the previous trading day’s exchange rate of ₦1,770/€1.

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