Naira plunges in parallel official window

The naira fell against the US dollar on the official and parallel markets on Wednesday.

The local currency was trading at N1,606/$1 on the official counter and N1,620/$1 on the parallel side of the market today.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that N1,606/$1 was N12 higher than the N1,594/$1 the currency traded at the official window on Tuesday.

The intraday high and low prices recorded during the day were N1,615/$1 and N1,511/$1 respectively, indicating a slim spread of N104\$1.

ALSO READ: Naira depreciates N26 against dollar to trade at N1,596/$1 on official window

The naira lost N5 against the dollar in the parallel section of the forex market to trade at N1,620/$1 against the previous N1,615/$1.

The Naira also lost N5 against the British Pound to trade at N2.125\£1 from N2.120\£1 previously.

The Canadian dollar closed flat against the naira and traded at N1.250|CA$1.

The Naira lost another N5 against the Euro to trade at ₦1,805/€1 compared to ₦1,800/€1 the previous day.

By: Babajide Okeowo

Naira plummets on parallel official window first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.