Naira slumps marginally at official, parallel windows

The naira slumped marginally against the United States dollar on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1, 485.53/$1 on Friday.

At the end of trading today, the naira lost less than N1 against the dollar as against the N1,485.36/$1 it recorded on Thursday.

The intra-day high and low recorded during the day were N1, 505/$1 and N1, 401/$1 respectively, representing a very lean spread of N104\$1.

READ ALSO: Naira down by N3, trades N1, 476/$1 at official window

Similarly, the naira slumped against the dollar at the parallel section of the market to trade at N1,495/$1, as against the N1,490/$1 it traded the previous trading day.

However, the Nigerian currency appreciated slightly against the British Pound to trade at N1,890\£1 s against the previous trading day’s N1,900\£1.

For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1.

The naira also lost N10 against the Euro to trade at ₦1,590/€1 as against the previous trading day’s ₦1,580/€1.

By: Babajide Okeowo

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