The naira slumped against the dollar at the official window, down N1.31

Nigeria’s currency, the naira, slumped against the US dollar at the official window on Tuesday.

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,366.55/$1, compared with N1,365.24/$1 on Monday.

This represents a loss of N1.31 for the local currency against the American dollar.

On the black market, Nigeria’s currency, the naira, rose N5 against the American dollar, trading at N1,395/$1, up from the previous day’s N1,400/$1.

The local currency closed flat against the British Pound, trading at N1,880/£1, the same as the previous day’s N1,880/£1.

The Naira closed flat against the Canadian dollar and traded at N1,100/CA$1 the same as the previous day’s exchange rate of N1,100/CA$1.

The naira lost N5 against the euro, trading at ₦1,630/€1, down from the previous day’s ₦1,625/€1.

By Babajide Okeowo