Naira slumps against dollar, loses N5, holds steady at parallel section

The naira slumped against the dollar at the official foreign exchange window on Thursday, November 14, 2024.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Nigerian currency fell to N1650.20/$1.

This represents a N4.80 loss against the dollar when compared to the ₦1645.40/$1 it traded on Wednesday, November 13, 2024.

At the parallel section of the FX market, the naira closed flat against the dollar to trade at N1, 745/$1 same as the previous day’s rate.

READ ALSO: Naira makes strong recovery against dollar, gains N44

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

The Canadian Dollar continues to hold steady, maintaining its N1,300/CA$1 rate.

The naira also closed flat against the Euro to trade at ₦1,860/€1 same as the previous day’s rate of ₦1,860/€1.

By: Babajide Okeowo

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