Naira drops N12 against dollar, trading at N1,582/$1 on official exchange

The naira fell against the US dollar on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N12 to trade at N1,582/$1, up from N1,570/$1 it was trading at on Monday.

The intraday high and low prices recorded during the day were N1,607/$1 and N1,496/$1 respectively, indicating a slim spread of N111\$1.

ALSO READ: Naira trades at N1,601/$1 on official window

However, the naira strengthened by N2 against the dollar in the parallel forex market to trade at N1,598/$1 compared to N1,600/$1 previously.

However, the naira lost N10 against the British pound to trade at N2,070\£1 from N2,060\£1 previously.

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

The Naira also lost N15 against the Euro to trade at ₦1,715/€1 compared to ₦1,700/€1 previously.

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