Naira down N13, trading at N1,592/$1 on official exchanges

The naira depreciated against the US dollar on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency fell by N13 to trade at N1,592/$1, up from N1,579/$1 it traded at on Monday.

The highest and lowest intraday prices recorded during the day were N1,599/$1 and N1,500/$1 respectively, indicating a slim spread of N99\$1.

Once again, the naira closed flat against the dollar in the parallel section of the forex market to trade at N1.605/$1.

ALSO READ: Naira drops N15, trades at N1,579/$1 on official window

However, the naira strengthened by N10 against the British pound to trade at N2,080\£1 from N2,090\£1 previously.

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

The Naira also lost N10 against the Euro to trade at ₦1,740/€1 compared to ₦1,730/€1 previously.

By: Babajide Okeowo

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