The naira is heading for a convergence at both official, parallel windows as only N70 separate the Nigerian currency and the American dollar.
While the naira slumped at the official window for the fourth consecutive day, the Nigerian currency appreciated at the black market to close the gap between both rates significantly.
FMDQ data showed that the naira slumped to N1,500.65/$1 on Thursday, February 6, 2025, down from N1,499.76/$1 on Wednesday, February 5, 2025.
This represents a loss of N0.89 for the local currency.
However, at the parallel market, the naira gained N20 against the dollar to trade at N1,570/$1 as against the previous rate of N1,590/$1.
The naira gained N40 against the British Pound to trade at N1,950/£1 as against the previous day’s rate of N1,990£1.
The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.
The naira gained N20 against the Euro to trade at ₦1,620/€1 as against the previous day’s rate of ₦1,640/€1.
By: Babajide Okeowo