The Nigerian currency, the naira, reversed the gains recorded on Monday, May 6, 2024 to crash to N1, 416/$1 on Tuesday, May 7, 2024 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
At the end of trading on Tuesday, the naira lost N62.36 against the dollar when compared to the previous exchange rate of N1, 354.21/$1 on Monday, May 6, 2024.
The intra-day high and low recorded during the day were N1,441/$1 and N1,301 /$1 respectively, representing a lean spread of N144$1.
Similarly, the naira lost against the dollar at the parallel section of the market to trade at N1,445/$1 representing a loss of N10 when compared to the N1,435/$1 it traded the previous trading day.
Naira up by 0.2%, trades for N1, 400/$ at official market
Contrastingly, the naira appreciated against the pound. The domestic currency appreciated by N20 against the British Pound to trade at N1,780£1 as against the previous trading price of N1,800/£1 representing a loss of N50 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 also closed flat against the Euro to trade at ₦1,500/€1 same as the rate of ₦1,500/€1 the previous trading rate.
By: Babajide Okeowo
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