Naira slumps again, trades N1,590/$1 at black market

The Nigerian currency, the naira, slumped again on the second day of trading this week against the American dollar on Tuesday, July 23, 2024.
The domestic currency shed N48 to trade at N1,548/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,500/$1 it traded on Monday July 22, 2024.
The intra-day high and low recorded during the day were N1,610/$1 and N1,470/$1 respectively, representing a lean spread of N140$1.
READ ALSO:Naira sheds N30 to trade N1,596/$1 at official window
The naira also slumped against the dollar at the parallel section of the FX market as the local currency shed N20 against the dollar to trade N1,590|$1, as against the rate of N1,570/$1 it traded the previous trading day.
The naira also shed N10 against the British Pound to trade at N2,060£1 as against the previous trading day’s rate of N2,050£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 N50 against the Euro to trade at ₦1,700/€1 as against the previous trading day’s rate of ₦1,650/€1.
By: Babajide Okeowo
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