The Naira reversed days of its depreciation against the American dollar at the official foreign exchange market on Thursday, October 24, 2024.
The local currency traded at N1,601.20/$1 at the official window according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This indicated that the N1,601.20/$1 was N52.89 lower than the N1,654.09/$1 that the currency traded at the official window yesterday.
The naira lost N7 against the dollar at the parallel section of the forex market to trade at N1, 735/$1 as against the previous day’s rate of N1, 728/$1.
The naira lost N5 against the British Pound to trade at N2,260/£1 as against the previous rate of N2,255\£1.
After several weeks of closing flat, the Canadian dollar still maintains N1, 300/CA$1 the same as the previous rate of N1, 300/CA$1.
The naira lost N5 against the Euro to trade at ₦1,865/€1 same as the previous day’s rate of ₦1,860/€1.
By: Babajide Okeowo