Naira sheds N2 to begin week at N1,611/$1 at official window

The Nigerian currency, the naira, slumped again against the American dollar on Monday, July 29, 2024.
The domestic currency shed N2 to close the week at N1,611/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,609/$1 it traded on Friday July 26, 2024.
The intra-day high and low recorded during the day were N1,622/$1 and N1,500/$1 respectively, representing a lean spread of N122$1.
The naira sheds N5 against the dollar at the parallel section of the FX market against the dollar to trade N1,600|$1, as against the rate of N1,595/$1 it traded the previous trading day.
The naira also shed N5 against the British Pound to trade at N2,065£1 as against the previous trading day’s rate of N2,060£1 representing a loss of N5 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 N80 against the Euro to trade at ₦1,750/€1 as against the previous trading day’s rate of ₦1,670/€1.
By: Babajide Okeowo
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