Naira drops N4, trading at N1,586/$1 on official exchanges

The naira slumped again against the American dollar on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency fell by N4 to trade at N1,586/$1, up from N1,582/$1 it was trading at on Tuesday.

The highest and lowest intraday prices recorded during the day were N1,595/$1 and N1,495/$1 respectively, indicating a narrow spread of N100\$1.

However, the naira lost N2 against the dollar in the parallel section of the forex market to trade at N1,600/$1 compared to N1,598/$1 it traded at the previous day.

However, the naira strengthened by N5 against the British pound to trade at N2.065\£1 from N2.070\£1 previously.

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

The Naira also lost N5 against the Euro to trade at ₦1,720/€1 compared to ₦1,715/€1 previously.

By: Babajide Okeowo

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