Naira sheds N14 to trade N1,567/$1 at official market

The Naira continued to depreciate against the American dollar at the official window on Friday.

Foreign Exchange data from the Central Bank of Nigeria (CBN) showed that the naira traded N1,567.02/$1 as against the N1, 552.53/$1 it traded on Thursday.

This indicates that the naira depreciated by N14.49 against the dollar on a day-to-day basis.

On the black market, the naira depreciated to N1, 565/$1 as against the N1, 560/$1 the previous day.

READ ALSO: Naira trades N1,552/$ at official market

This represents a loss of N5 for the local currency.

The naira gained N5 against the British Pound to trade N2,015/£1 as against the previous day’s rate of N2,020\£1.

The Canadian Dollar closed flat at N1,150/CA$1.

The naira closed flat against the Euro to trade at ₦1, 670/€1.

By: Babajide Okeowo

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