The naira lost N4.07 against the dollar in the official market

Nigeria’s currency, the naira, slumped against the United States dollar at the official window on Wednesday.

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,386.70/$1, compared with N1,382.63/$1 on Tuesday.

This represents a loss of N4.07 for the local currency against the dollar.

On the black market, the naira rose N5 against the dollar, trading at N1,420/$1, compared with N1,425/$1 the previous day.

READ ALSO: Naira fetches N5.75 to dollar at official price

The local currency strengthened by N10 against the British Pound, trading at N1,910/£1, compared to N1,920/£1 the previous day.

The naira closed flat against the Canadian dollar and traded at N1,000/CA$1.

It gained N10 against the euro, trading at ₦1,620/€1, compared with the previous day’s ₦1,630/€1.

Babajide Okeowo