Naira down N2 at start of week to N1,611/$1 on official exchange

Nigeria’s currency, the naira, fell again against the US dollar on Monday, July 29, 2024.

The local currency plunged N2 to close at N1.611/$1 at the end of the week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This is in contrast to the exchange rate of N1.609/$1 traded on Friday, July 26, 2024.

The intraday high and low prices recorded during the day were N1,622/$1 and N1,500/$1 respectively, indicating a slim spread of N122\$1.

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The naira weakened by N5 against the dollar in the parallel section of the forex market to trade at N1,600|$1, against an exchange rate of N1,595/$1 in the previous trading day.

The Naira also weakened by N5 against the British Pound to trade at N2.065\£1 compared to the previous trading day’s exchange rate of N2.060\£1 reflecting a N5 loss 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 also lost N80 against the Euro and was trading at ₦1,750/€1 compared to the previous trading day’s exchange rate of ₦1,670/€1.

By: Babajide Okeowo

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