Naira sheds N7, trades N1, 507/$ at official market

For the third consecutive day this week, the naira slumped against the United States dollar to further inch past the N1, 500 mark.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had earlier in the week assured that the excessive volatility of the naira was now a thing of the past.

However, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that local currency shed N7 to trade at N1, 507.83/$1 at the official market today.

The naira traded N1, 500/$1 on Tuesday.

The intra-day high and low recorded during the day were N1, 523/$1 and N1, 430/$1 respectively, representing a very lean spread of N93\$1.

READ ALSO: Naira depreciates by 0.02% against dollar, trades at N1,483/$1 at official window

Similarly, the naira slumped against the dollar at the parallel section of the market to trade at the same N1, 505/$1.

However, the naira gained against the British Pound to trade at N1, 890\£1 as against the previous day’s N1, 895\£1.

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

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

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