Naira slumps at official window, black market to close week negatively

The naira slumped against the American dollar at both the official and parallel foreign exchange markets on Friday, December 20, 2024.

According to data from FMDQ, the naira depreciated to N1,541.68 /$1 up from the N1,541.38/$1 it traded on Thursday, December 19, 2024.

This represents a loss of N0.30 for the local currency.

Similarly, in the black market, the naira closed at N1,660/$1 as against the N1650/$1 recorded the previous day. This means a loss of N10 against the dollar.

READ ALSO: Naira reacts positively to proposed ban on use of foreign currencies for payments in Nigeria

However, the naira gained N30 against the British Pound to trade at N2,150/£1 as against the previous day’s rate of N2,180\£1.

The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.

The naira gained N20 against the Euro to trade at ₦1,770/€1 as against the previous day’s rate of ₦1,790/€1.

By Babajide Okeowo

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