Naira traded at N1.581/$1 on the official window

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

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency lost N5 to trade at N1,581/$1, up from N1,576/$1 recorded on the official exchange on Tuesday.

The highest and lowest intraday prices recorded during the day were N1,620/$1 and N1,500/$1 respectively, indicating a narrow spread of N120\$1.

The naira lost N30 in the parallel market to trade at N1.615|$1 compared to N1.585/$1 recorded the previous day.

The Naira lost N20 against the British Pound to trade at N2,080\£1 compared to N2,060\£1 the previous day.

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

The Nigerian currency lost N20 against the Euro and is trading at ₦1,720/€1 compared to ₦1,700/€1 it was trading at on Tuesday.

By: Babajide Okeowo

Naira trades at N1,581/$1 on official window first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.