Naira lost N7, trading N1,507/$ in official market

For the third consecutive day this week, the naira slumped against the United States dollar to surpass the N1,500 mark.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, earlier this week assured that the excessive volatility of the naira is now a thing of the past.

However, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N7 and traded at N1, 507.83/$1 in the official market today.

The Naira traded at N1,500/$1 on Tuesday.

The intra-day high and low recorded during the day were N1,523/$1 and N1,430/$1 respectively, representing a very thin spread of N93\$1.

READ ALSO: Naira depreciates by 0.02% against dollar, trades at N1,483/$1 at official window

Similarly, the naira slumped against the dollar in the parallel section of the market trading at the same N1,505/$1.

However, the naira strengthened against the British Pound Sterling and traded at N1, 890\£1 compared to N1, 895\£1 the previous day.

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

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

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