Naira slumps against dollar to end week on negative note

The Naira slumped against the Dollar at the official foreign exchange market on Friday, October 11, 2024 to close the week on a negative note.

The local currency traded at N1641.27/$1 at the official window according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This indicated that the N1641.27/$1 was N18.7 higher than the N1622.57/$1 the currency traded at the official window on Thursday, October 10, 2024.

The naira closed flat against the dollar at the parallel section of the forex market to trade at N1, 700/$1 same as the previous day’s rate of N1, 700/$1.

READ ALSO: Naira gains N2 to trade N1622/$1 at official window

The naira lost N10 against the British Pound to trade at N2,270/£1 as against the previous rate of N2,260\£1.

The Canadian dollar still traded at N1, 280/CA$1 same as the previous rate of N1, 280/CA$1.

The naira lost N5 against the Euro to trade at ₦1,860/€1 as against the previous day’s rate of ₦1,865/€1.

By: Babajide Okeowo

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