Naira drops N10 to hit N1,500/$1 on official window

Naira traded at N1,500/$ on the official window on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) shows that the local currency fell by N10 and traded at N1, 500.79/$1 in today’s trade.

The rate is lower than N1,490.21/$1 recorded on the official market on Monday.

The intra-day high and low recorded during the day were N1,507/$1, and N1,426/$1 respectively, representing a very thin spread of N81\$1.

However, the naira strengthened against the dollar in the parallel market and was trading at N1,500/$1 compared to N1,505/$1 it was trading at the previous day.

READ ALSO: Naira trades at N1,483/$ in official market

For other major currencies, the Nigerian currency slumped against the British Pound and traded at N1,895\£1 compared to N1,890\£1 recorded on Monday

For consecutive weeks, the Canadian dollar closed flat against the naira and traded at N1,200 | CA$1.

The Naira dropped by N5 against the Euro to trade at ₦1,585/€1 compared to the previous trading day’s rate of ₦1,580/€1.

By: Babajide Okeowo

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