Naira Watch
No respite for naira, depreciates further to N1478/$1 at official window
There is no respite yet for the Nigerian currency, the naira as it continued its depreciation against the dollar on Monday May 13, 2024 to trade at N1, 478/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
At the end of trading on Monday, the naira lost N12 against the dollar when compared to the previous exchange rate of N1, 466/$1 on Friday, May 10, 2024.
The intra-day high and low recorded during the day were N1,515/$1 and N1,301/$1 respectively, representing a lean spread of N214\$1.
Similarly, the naira against the dollar at the parallel section of the market, crossing the N1500 point to trade at N1,515/$1 representing a loss of N45 when compared to the N1, N1,470/$1 it traded the previous trading day.
READ ALSO:Naira crashes further, trades at N1,421/$1 at official window
In the same vein, the naira lost N20 against the pound. The domestic currency depreciated by N20 against the British Pound to trade at N1,860\£1 as against the previous trading price of N1,840/£1 representing a loss of N20 for the local currency,
The Canadian dollar closed flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.
The naira also depreciated massively against the Euro to trade at ₦1,600/€1 as against the rate of ₦1,530/€1 the previous trading rate this represents a loss of N70 in the local currency.
By: Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: In Sokoto, classrooms overtaken by goats, reptiles, as insecurity, lack of teachers, govt inaction push children out of school
SHEHU MUHAMMAD SHEHU reports on how insecurity, government inaction and lack of qualified teachers has significantly forced up the number...
INVESTIGATION: Abia residents in pains, as contractor abandons erosion control project after collecting N185m
Fresh from fashion school in 2022, Onuka Kalu planned to convert one of his father’s two shops, where he formerly...
Trump halts $50m Gaza aid, cites ‘condoms in Gaza’ claim
In a sweeping move to reassess U.S. foreign aid spending, President Donald Trump has frozen a $50 million assistance package...
INVESTIGATION: In Zamfara, forgotten Health Center throws community into health crisis
In the late evening of Friday, September 14, 2024, shortly after the Maghrib prayer, Bashir Muhammad, a 34-year-old father of...
INVESTIGATION: Insufficient teachers, learning materials worsen education access in Kwara communities
Qudus, a Junior Secondary School (JSS 2) pupil, would sit the Basic Education Certificate Examination (BECE) in a year to...