Naira drops N26 to N1,611/$1 on official exchange

The naira fell against the US dollar on the official exchange on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency fell by N26 to trade at N1,611/$1, lower than the N1,585/$1 it traded at the previous day.

The intraday high and low prices recorded on the day were N1,625/$1 and N1,540/$1 respectively, indicating a very tight spread of N80\$1.

The naira also weakened by N5 against the dollar in the parallel forex market to trade at N1,640/$1 compared to N1,635/$1 previously.

Similarly, the naira weakened against the British pound to N2.145/£1 from N2.130\£1 previously.

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

The Naira also weakened by N30 against the Euro and was trading at ₦1,810/€1 compared to ₦1,780/€1 the previous day.

By: Babajide Okeowo

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