The Naira exchange rate plunged for three consecutive days

Nigeria’s currency, the naira, fell again against the US dollar on Wednesday, July 24, 2024.

The local currency weakened by N38 to trade at N1,586/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1.548/$1 traded on Tuesday, July 23, 2024.

The intraday high and low prices recorded during the day were N1,617/$1 and N1,476/$1 respectively, indicating a slim spread of N141\$1.

ALSO READ: Naira exchange rate strengthens, trading at N1,500/$1 on official exchanges

The naira also fell against the dollar in the parallel section of the forex market as the local currency shed N5 against the dollar to trade at N1,595|$1, against the N1,500/$1 exchange rate it traded at the previous trading day.

The Naira also weakened by N10 against the British Pound to trade at N2,070\£1 compared to the previous trading day’s exchange rate of N2,060\£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 also lost N10 against the Euro and was trading at ₦1,710/€1 compared to the previous trading day’s exchange rate of ₦1,700/€1.

By: Babajide Okeowo

Naira plunges for third straight day first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.