Naira dips in value for third day in a row

The Nigerian currency, the naira, slumped again against the American dollar on Wednesday, July 24, 2024.
The domestic currency shed N38 to trade at N1,586/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,548/$1 it traded on Tuesday July 23, 2024.
The intra-day high and low recorded during the day were N1,617/$1 and N1,476/$1 respectively, representing a lean spread of N141$1.
READ ALSO:Naira recovers, trade N1,500/$1 at official window
The naira also slumped against the dollar at the parallel section of the FX market as the local currency shed N5 against the dollar to trade N1,595|$1, as against the rate of N1,500/$1 it traded the previous trading day.
The naira also shed N10 against the British Pound to trade at N2,070£1 as against the previous trading day’s rate of N2,060£1 representing a loss of N10 for the local currency.
The Canadian dollar continues to close 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 lost N10 against the Euro to trade at ₦1,710/€1 as against the previous trading day’s rate of ₦1,700/€1.
By: Babajide Okeowo
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