The naira dropped N5.81 against the dollar on the official FX market

Nigeria’s currency, the naira, continued to slide against the American dollar at the official window on Thursday.

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,393.25/$1, compared with N1,387.44/$1 on Thursday.

This represents a loss of N5.81 for the local currency against the dollar.

On the black market, the naira closed flat against the dollar, trading at N1,430/$1.

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The local currency strengthened by N20 against the British Pound, trading at N1,870/£1, up from N1,890/£1 the previous day.

The naira closed flat against the Canadian dollar and traded at N1,000/CA$1.

The currency rose by an average of N5 against the euro, trading at ₦1,640/€1, compared with the previous day’s ₦1,645/€1.

Babajide Okeowo