The Nigerian currency, the naira, continued its depreciation on Wednesday May 8, 2024 to further slump to N1,421/$1 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
At the end of trading on Wednesday, the naira lost N5.06 against the dollar when compared to the previous exchange rate of N1, 416/$1 on Tuesday, May 7, 2024.
The intra-day high and low recorded during the day were N1,440/$1 and N1,335/$1 respectively, representing a lean spread of N105\$1.
Similarly, the naira lost against the dollar at the parallel section of the market to trade at N1,450/$1 representing a loss of N5 when compared to the N1,445/$1 it traded the previous day.
READ ALSO:Naira rebounds, trades at N1,354/$1 at official window
Similarly, the naira lost the gains recorded the previous day to depreciate against the pound. The domestic currency depreciated by N60 against the British Pound to trade at N1,840\£1 as against the previous trading price of N1,780/£1 representing a loss of N60 for the local currency,
The Canadian dollar however closed flat against the naira to trade at N1,000| CA$1 same as the previous trading day rate.
The naira depreciated against the Euro to trade at ₦1,540/€1 as against the rate of ₦1,500/€1 the previous trading rate this represents a loss N40 in the local currency.
By: Babajide Okeowo
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