The naira slumped against the dollar in the official market, shedding N34.48

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

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,353.90/$1, compared with N1,353.90/$1 on Wednesday.

This represents a loss of N34.48 for the local currency against the American dollar.

On the black market, the Nigerian currency rose N10 against the American dollar, trading at N1,415/$1, compared with N1,405/$1 the previous day.

The local currency strengthened by N5 against the British Pound, trading at N1,895/£1, compared with N1,900/£1 the previous day.

Also read: UK confronts Iran, summons ambassador for ‘destabilizing’ activities

The Naira closed flat against the Canadian dollar and traded at N1,000/CA$1, the same as the previous day’s exchange rate of N1,000/CA$1.

The naira rose N15 against the euro, trading at ₦1,610/€1, compared with the previous day’s ₦1,625/€1.

By: Babajide Okeowo