Naira drops N6 to N1,609/$1 on official exchanges

The naira fell again against the US dollar on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N6 to close the week at N1,609/$1, up from the N1,603/$1 it traded at on Thursday.

The intraday high and low prices recorded during the day were N1,615/$1 and N1,476/$1 respectively, indicating a slim spread of N139\$1.

The naira strengthened by N5 against the dollar in the parallel section of the foreign exchange market to trade at N1,595|$1, against N1,600/$1 it traded at the previous day.

The Naira also strengthened by N15 against the British Pound to trade at N2,060\£1 from N2,075\£1 previously.

The Canadian dollar continued to close flat against the naira and traded at N1.200|CA$1.

The Naira also strengthened by N30 against the Euro to trade at ₦1,670/€1 against ₦1,700/€1 the previous day.

By: Babajide Okeowo

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