The naira slumped again, trading at N1,590/$1 on the black market

Nigeria’s currency, the naira, fell again on the second day of trading this week against the US dollar on Tuesday, July 23, 2024.

The local currency weakened by N48 to trade at N1,548/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This is in contrast to the exchange rate of N1,500/$1 traded on Monday, July 22, 2024.

The intraday high and low prices recorded during the day were N1,610/$1 and N1,470/$1 respectively, indicating a narrow spread of N140\$1.

ALSO READ:Naira exchange rate drops by N30 to N1,596/$1 on official exchanges

The naira also fell against the dollar in the parallel forex market as the local currency shed N20 against the dollar to trade at N1,590|$1, against the exchange rate of N1,570/$1 it traded at the previous trading day.

The Naira also weakened by N10 against the British Pound to trade at N2,060\£1 compared to the previous trading day’s exchange rate of N2,050\£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 N50 against the Euro and was trading at ₦1,700/€1 compared to the previous trading day’s exchange rate of ₦1,650/€1.

By: Babajide Okeowo

Naira plunges again, trades at N1,590/$1 on black market first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.