Naira down N3, trading at N1,512/$1 on official exchanges

The naira continued its depreciation against the US dollar on the official exchange on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) shows that the local currency fell by N3 to trade at N1,512/$1 today.

This is higher than the N1,509/$1 traded on Tuesday.

The intraday high and low prices recorded during the day were N1,535/$1 and N1,445/$1 respectively, indicating a slim spread of N95\$1.

Once again, the naira weakened against the dollar in the parallel market and was trading at N1,520/$1, compared to N1,515/$1 it was trading at the previous day.

The Naira also lost N15 against the British Pound and was trading at N1,920\£1 compared to N1,905\£1 the previous day.

The Canadian dollar continued to close flat against the naira and traded at N1.200|CA$1.

The Naira lost N5 against the Euro and was trading at ₦1.605/€1 compared to the previous trading day’s exchange rate of ₦1.600/€1.

By: Babajide Okeowo

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