Naira drops N110, trades at N1,656/$1 on official market

The naira weakened by N110 against the US dollar on the official exchange on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency was trading at N1,656/$1, up from N1,546/$1 traded at the official window the previous day.

However, the naira strengthened by N5 against the dollar in the parallel forex market to trade at N1,660/$1 against the previous N1,665/$1.

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The Naira closed flat against the British Pound and was trading at N2,220/£1.

The Canadian dollar closed flat against the naira and traded at N1.250|CA$1.

The Naira also lost N5 against the Euro to trade at ₦1,825/€1 compared to ₦1,820/€1 the previous day.

By: Babajide Okeowo

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