Naira drops N14, trades at N1,577/$1 on official exchanges

Nigeria’s currency, the naira started the week with a decline against the US dollar on Monday, July 15, 2024.

The local currency weakened by N14 to trade at N1,577/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1.563/$1 traded on Friday, July 12, 2024.

The highest and lowest intraday prices recorded during the day were N1,590/$1 and N1,470/$1 respectively, indicating a very tight spread of N120\$1.

The naira lost N5 against the dollar in the parallel market and was trading at N1,565|$1, against an exchange rate of N1,560/$1 in the previous trading day.

ALSO READ: Naira recovers slightly to trade at N1,554/$1 on official exchanges

The Naira crossed the N2,000 mark as it lost N10 against the British Pound and was trading at N2,050\£1 compared to the previous trading day’s exchange rate of N2,040\£1 reflecting a loss of N10 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 lost N15 against the Euro and was trading at ₦1,690/€1 compared to the previous trading day’s exchange rate of ₦1,675/€1.

By: Babajide Okeowo

The post Naira drops N14, trades at N1,577/$1 on official window appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.