Naira drops N10 to N1,621/$1 on official exchange

The naira fell further against the US dollar on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency shed N10 to close trading at N1,621/$, up from N1,611/$1 recorded on Monday.

The highest and lowest intraday prices recorded during the day were N1,635/$1 and N1,546/$1 respectively, indicating a very tight spread of N89\$1.

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

The Naira also weakened by N15 against the British Pound and was trading at N2.080\£1 compared to N2.065\£1 previously.

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

The Naira strengthened by N10 against the Euro and was trading at ₦1,740/€1 against ₦1,750/€1 the previous day.

By: Babajide Okeowo

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