Naira slumps further against Dollar at parallel market

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The naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1340/$1 as against the N1325/$1it closed the previous day, representing a loss of N15 while peer-to-peer traders quoted around N1358.53/$1.

The naira closed flat against the British Pound to close at N1,660/£1 same as the previous trading day.

The Canadian dollar also closed flat at N990/CA$1, after more than one week of trading steadily at N980/CA$1

The naira shed N70 against the Euro to depreciate to ₦1,450/€1 as against the previous closing price of ₦1,385/€1 it traded the previous trading day.

Meanwhile, the local currency appreciated to close at N902.08/$1 represents a gain of N29.15 gain in the local currency compared to the N931.23 closed on Wednesday January 17, 2024.

The intraday high recorded was N1261/$1, while the intraday low was N760/$1, representing a wide spread of N501/$1.


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