Naira drops N8, trades at N1,520/$1 on official exchanges

The naira continued its depreciation against the US dollar on Thursday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N8 to trade at N1,520/$1 on the official exchange today.

This is higher than the N1,512/$1 it was trading at on Wednesday.

The intraday high and low prices recorded during the day were N1,550/$1 and N1,430/$1 respectively, indicating a slim spread of N120\$1.

ALSO READ: Naira drops N10 to N1,500/$1 on official exchanges

Once again, the naira weakened against the dollar in the parallel market and was trading at N1,525/$1 against N1,520/$1 recorded the previous day.

The Naira closed flat against the British Pound at N1.920\£1.

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

The Naira lost N5 against the Euro and traded at ₦1,610/€1 compared to ₦1,605/€1 previously.

By: Babajide Okeowo

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