The Nigerian currency, the naira, closed the month and the week with a depreciation of N1 against the American dollar on Friday May 31, 2024 to trade at N1,485/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
At the end of trading on Friday, the naira lost N1 against the dollar as against the previous exchange rate of N1,484/$1 recorded on Thursday, May 30, 2024.
The intra-day high and low recorded during the day were N1,550/$1 and N1,174/$1 respectively, representing a spread of N376$1.
However, the naira traded steady against the dollar at the parallel section of the market at N1,485/$1, same as the previous day’s rate.
READ ALSO:Naira loses N156 against dollar, trades at N1,329/$1 at official window
The same scenario played out with the British Pound as it traded at N1,880£1, same as the previous day’s rate.
For several days running, 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, however slumped against the Euro to trade at ₦1,580/€1 as against the rate of ₦1,570/€1 the previous trading rate, this represents a loss of N10 in the local currency.
By: Babajide Okeowo

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