The Naira dipped slightly in the official and parallel windows

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

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1,485.53/$1 on Friday.

At the end of trading today, the naira lost less than N1 against the dollar compared to N1,485.36/$1 recorded on Thursday.

The intra-day high and low prices recorded during the day were N1, 505/$1 and N1, 401/$1 respectively, representing a very thin spread of N104\$1.

READ ALSO: Naira drops N3, trades N1,476/$1 in official window

Similarly, the naira slumped against the dollar in the parallel section of the market and traded at N1,495/$1, compared with N1,490/$1 traded on the previous trading day.

However, the Nigerian currency appreciated slightly against the British Pound and traded at N1,890\£1 s compared to N1,900\£1 s the previous trading day.

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

The Naira also lost N10 against the Euro and traded at ₦1,590/€1 compared to the previous trading day’s ₦1,580/€1.

By: Babajide Okeowo

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