Naira drops another N9, drops to N1,523/$1 on official exchange

The naira continued its decline against the US dollar on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N9 to trade at N1,532/$1 on the official exchange today.

This is higher than the N1,523/$1 traded on Monday.

The intraday high and low prices recorded on the day were N1,555/$1 and N1,465/$1 respectively, indicating a very tight spread of N90\$1.

ALSO READ: Naira recovers to trade at N1,509/$1 on official window

The naira lost N10 against the dollar in the parallel market and was trading at N1,540/$1, against N1,530/$1 it was trading at the previous day.

The Naira hit the N2,000 mark as it weakened by N50 against the British Pound and traded at N2,000\£1 compared to the previous N1,950\£1.

The Canadian dollar continued to close flat against the naira and traded at N1,200.

The Naira weakened against the Euro by N10 and was trading at ₦1,650/€1 compared to ₦1,640/€1 previously.

By: Babajide Okeowo

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