Naira slumps marginally at official window, appreciates at black market

The naira slumped marginally against the American dollar at the official foreign exchange market on Wednesday, December 18, 2024.

According to data from FMDQ, the naira slumped to N1,544.20/$1, down from N1,544.05/$1 it traded on Tuesday, December 16, 2024.

This represents a marginal loss of N0.15 for the local currency.

However, in the black market, the naira closed at N1,660/$1 as against the N1675/$1 recorded the previous day. This means a gain of N15 against the dollar.

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The naira gained N40 against the British Pound to trade at N2,160/£1 as against the previous day’s rate of N2,200\£1.

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

The naira gained N10 against the Euro to trade at ₦1,730/€1 as against the previous day’s rate of ₦1,740/€1.

By: Babajide Okeowo

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