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
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