Naira drops N14 to N1,639/$1 on official exchange

The naira fell further against the US dollar on the official exchange on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency fell by N14 to N1,639/$1, up from N1,625/$1 traded at the official window the previous day.

The intraday high and low prices recorded on the day were N1,650/$1 and N1,410/$1 respectively, representing a wide spread of N240\$1.

The naira weakened N15 against the dollar in the parallel section of the forex market to N1,660/$1 against the previous dollar’s N1,645/$1.

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The Naira also weakened against the British Pound to N2.180/£1 compared to N2.160\£1 previously.

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

However, the naira strengthened by N20 against the Euro to trade at ₦1,780/€1 against ₦1,800/€1 the previous day.

By: Babajide Okeowo

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