Naira drops N96 to N1,658/$1 on official exchange

The naira weakened against the US dollar by N96 on the official exchange on Tuesday.

The naira’s decline coincided with the decision of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) to raise interest rates to 27.25 percent.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency was trading at N1,658/$1, above the N1,562/$1 traded at the official window on Monday.

READ ALSO: Nigeria’s naira among world’s worst-performing currencies —Bloomberg

The naira lost N10 against the dollar in the parallel section of the forex market to trade at N1,675/$1 compared to N1,665/$1 previously.

The currency also weakened by N10 against the British Pound to N2,260/£1 compared to N2,250\£1 previously.

The Canadian dollar traded flat at N1.280|CA$1.

The Naira also lost N20 against the Euro to trade at ₦1,860/€1 compared to ₦1,840/€1 recorded the previous day.

By: Babajide Okeowo

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