Naira plunges again, trading at N1.617/$1 on official exchange

The naira fell against the US dollar on Friday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency shed N47 to close the week at N1,617/$1, up from N1,570/$1 it was trading at on Thursday.

The highest and lowest intraday prices recorded during the day were N1,635/$1 and N1,550/$1 respectively, indicating a very tight spread of N85\$1.

The naira strengthened by N5 against the dollar in the parallel section of the forex market to trade at N1,610/$1 against N1,615/$1 recorded the previous day.

The Naira also strengthened by N5 against the British Pound and was trading at N2,075\£1 against N2,080\£1 the previous day.

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

The Naira strengthened by N10 against the Euro and is trading at ₦1,750/€1 compared to ₦1,740/€1 previously.

By: Babajide Okeowo

The post Naira plunges again, trades at N1.617/$1 on official window appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.