The Naira reversed the gains recorded on the first trading of the week on Monday and Tuesday, depreciating to N1615.94/$1, according to data from the Nigerian Autonomous Foreign Exchange Market where forex is traded officially.
This represents a loss of N33 when compared to the N1582.94/$1 it traded on Monday, February 26, 2024.
For the second consecutive day, the intraday high recorded was N1,778/$1, while the intraday low was N1,300/$1, representing a wide spread of N478/$1.
Like on the official window, the Naira also depreciated against the dollar at the parallel market slumping to N1,610/$1 as against the N1,530/$1 it traded the previous day representing a loss of N80 as the difference between the official and parallel windows begin to narrow.
However, the Naira continued its appreciation against the British Pound to trade at N1,950/£1 as against the previous trading day’s price of N2,000/£1. This represents a further appreciation of N50.
The Naira closed flat against the Canadian dollar to trade at N1,150/CA$1, same as the previous trading day’s rate.
The Euro appreciated slightly against the Naira to trade at N1,740/€1 as against the previous closing price of N1,700/€1 on Monday, February 26, 2024 representing a loss of N40 in the Naira.
