Naira drops N9 to N1,563/$1 on official exchange

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

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency lost N9 to trade at N1,563/$1, up from N1,554/$1 recorded on Thursday.

The intraday high and low prices recorded on the day were N1,586/$1 and N1,496/$1 respectively, indicating a very tight spread of N90\$1.

The naira strengthened N5 against the dollar in the parallel part of the market to trade at N1,560/$1, against N1,565/$1 recorded the previous day.

ALSO READ: Naira recovers to trade at N1,509/$1 on official window

The Naira strengthened by N10 against the British Pound to trade at N2,040\£1 compared to N2,050\£1 the previous day.

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

The Naira strengthened N5 against the Euro and traded at ₦1.675/€1 compared to ₦1.680/€1 previously.

By: Babajide Okeowo

The post Naira drops N9 to trade at N1,563/$1 on official window first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.