Naira begins week with over N2 depreciation against dollar at official window

The Naira started the week with a N2.38 depreciation against the dollar at the official foreign exchange market on Monday, October 21, 2024.

The local currency traded at N1,603.16/$1 at the official window according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This indicated that the N1,603.16/$1 was N2.38 higher than the N1,600.78/$1 that the currency traded at the official window on Friday, October 18, 2024.

The closed flat against the dollar at the parallel section of the forex market to trade at N1, 725/$1 same as the previous day’s rate of N1, 725/$1.

READ ALSO: Naira sheds N0.8, trades N1,660/$1 at official window

The naira however gained N10 against the British Pound to trade at N2,260/£1 as against the previous rate of N2,270\£1.

After several weeks of closing flat, the Canadian dollar still maintains N1, 300/CA$1 same as the previous rate of N1, 300/CA$1.

The naira also closed flat against the Euro to trade at ₦1,850/€1 same as the previous day’s rate of ₦1,850/€1.

By: Babajide Okeowo

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