Naira’s decline continues, trading at N1,561/$1 on official exchanges

The naira continued its decline against the US dollar on the official exchange on Wednesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency fell by N29 to trade at N1,561/$1, up from N1,532/$1 recorded on Tuesday.

The highest and lowest intraday prices recorded during the day were N1,585/$1 and N1,475/$1 respectively, indicating a narrow spread of N110\$1.

The naira lost N10 against the dollar in the parallel market to trade at N1,550/$1 against N1,540/$1 recorded the previous day.

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The Naira weakened by N20 and crossed the N2,000 mark against the British Pound at N2,020\£1.

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

The Naira weakened against the Euro by N15 and was trading at ₦1,665/€1 compared to ₦1,650/€1 previously.

By: Babajide Okeowo

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