Naira slumps further, sheds N1 against dollar at official window

The Naira continued its depreciation against the American dollar at the official foreign exchange market on Wednesday, October 23, 2024.

The local currency traded at N1,654.09/$1 at the official window according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This indicated that the N1,654.09/$1 was N1.07 higher than the N1,653.02/$1 that the currency traded at the official window yesterday.

The naira lost N3 against the dollar at the parallel section of the forex market to trade at N1, 728/$1 as against the previous day’s rate of N1, 725/$1.

READ ALSO: Nigerian govt targets increased oil production to boost FX Inflow, stabilise naira

The naira lost N5 against the British Pound to trade at N2,255/£1 as against the previous rate of N2,250\£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 closed flat against the Euro to trade at ₦1,860/€1 same as the previous day’s rate of ₦1,860/€1.

By: Babajide Okeowo

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