For the fourth consecutive day this week, the naira slumped against the United States dollar and further surpassed the N1,500 mark on Thursday.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N3 to trade at N1,510/$1 in the official market.
This value is N3 higher than the N1, 507.83/$1 traded on Wednesday.
The intraday high and low prices recorded during the day were N1,577/$1 and N1,431/$1 respectively, indicating a slim spread of N134\$1.
ALSO READ: Despite slump to N1,500/$1, Cardoso says worst of naira volatility is over
Similarly, the naira depreciated against the dollar in the parallel market and was trading at N1,520/$1, compared to the exchange rate of N1,505/$1 it was trading at the previous day.
The Naira also fell by N10 against the British Pound and traded at N1,900\£1 compared to N1,890\£1 previously.
The Canadian dollar continued to close flat against the naira and traded at N1,200|CA$1.
The Naira lost N10 against the Euro and traded at ₦1,590/€1 compared to ₦1,580/€1 previously.
By: Babajide Okeowo
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