The naira, yesterday, February 6, 2024 reversed two days of recovery to slump to N1433.89/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.
This represents a loss of N14.03 when compared to the N1419.86 it traded the previous day.
The intraday high recorded was N1,519.78/$1, while the intraday low was N894.99/$1, representing a wide spread of N624.79/$1.
Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,465/$1, a loss of N15 compared to the N1,450/$1 it closed the previous day, while peer-to-peer traders quoted around N1526/$1.
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The naira also depreciated against the British Pound to trade at N1,870/£1 as against the N1,860/£1 it traded the previous day representing a loss of N10.
The Canadian dollar closed flat against the naira at N1100/CA$1, the same as the previous day’s trading.
Meanwhile, the naira appreciated by N30 against the Euro, to trade at ₦1,580/€1 as against the previous closing price of ₦1,610/€1.
By Babajide Okeowo