Naira loses N2, trades N1,485/$1 in official window

The naira dipped slightly against the United States dollar on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1,485.36/$1 on Thursday.

This is N2 higher than the N1, 483.02/$1 traded on Wednesday.

The intra-day high and low recorded during the day were N1,495/$1 and N1,434/$1 respectively, representing a very thin spread of N61\$1.

READ ALSO The naira dipped slightly against the dollar, trading N1,483/$1 at the official window

Similarly, the naira slumped against the dollar in the parallel section of the market and traded at N1,490/$1 compared to N1,483/$1 traded on the previous trading day.

Similarly, the naira closed flat against the British Pound and traded at N1,900\£1 the same as the previous trading day’s rate of N1,900\£1.

For consecutive weeks, the Canadian dollar closed flat against the naira and traded at N1,200| CA$1.

The Naira also lost N5 against the Euro and traded at ₦1,580/€1 compared to the previous trading day’s rate of ₦1,575/€1.

By: Babajide Okeowo

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