Naira sheds N16.47 against dollar at official window

The Nigerian currency, the naira, slumped further against the United States dollar at the official window on Tuesday.

At the official window, the Central Bank of Nigeria (CBN) foreign exchange data showed that the naira closed at N1,380.70/$1, compared to N1,364.23/$1 on Monday.

This represents a loss of N16.47 for the local currency against the dollar.

At the black market, the naira lost N2 against the dollar, trading at N1,400/$1, up from the previous day’s N1,398/$1.

The local currency lost N5 against the British Pound, trading at N1,880/£1, as against the previous day’s N1,875/£1.

The naira closed flat against the Canadian dollar and Euro to trade at N1,100/CA$1 and ₦1,620/€1, respectively.

Babajide Okeowo

Source: RipplesNigeria | Read the Full Story…