Naira sheds N10 to hit N1, 500/$1 mark at official window

The naira traded N1, 500/$ at the official window on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency shed N10 to trade at N1, 500.79/$1 in today’s trading.

The value was lower than the N1, 490.21/$1 recorded at the official market on Monday.

The intra-day high and low recorded during the day were N1, 507/$1, and N1, 426/$1 respectively, representing a very lean spread of N81\$1.

However, the naira gained against the dollar at the parallel section of the market to trade at the same N1,500/$1 as against the N1,505/$1 it traded the previous day.

READ ALSO: Naira trades N1,483/$ at official market

For other major currencies, the Nigerian currency slumped against the British Pound to trade at N1, 895\£1 as against N1, 890\£1 recorded on Monday

For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200 | CA$1.

The naira slumped by N5 against the Euro to trade at ₦1,585/€1 as against the previous trading day’s rate of ₦1,580/€1.

By: Babajide Okeowo

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