Naira drops N30 to N1,596/$1 on official exchanges

The naira weakened by N30 against the US dollar on the official exchange on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency was trading at N1,596/$1, up from N1,566/$1 recorded on Thursday.

The intraday high and low prices recorded during the day were N1,619/$1 and N1,495/$1 respectively, indicating a narrow spread of N124\$1.

The naira strengthened by N60 against the dollar in the parallel market to trade at N1,580|$1, compared with N1,640/$1 recorded on Thursday.

The currency strengthened by N20 against the British Pound to trade at N2,070\£1 compared to the previous price of N2,090\£1.

The Canadian dollar remained flat against the naira to trade at N1.200|CA$1.

The Naira also strengthened by N20 against the Euro to trade at ₦1,720/€1 compared to ₦1,740/€1 previously.

By: Babajide Okeowo

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