Naira crosses N1.400/$1 at official FX market

The Nigerian currency, the naira, continued to slump against the American dollar at the official window on Monday.

At the official window, the Central Bank of Nigeria (CBN) foreign exchange data showed that the naira closed at N1,405.62/$1, compared to N1,393.25/$1 on Friday.

This represents a loss of N12.37 for the local currency against the American dollar.

At the black market, the Nigerian currency closed flat against the American dollar, trading at N1,430/$1, same as N1,430/$1 the previous day.

Read also: NGX: Investors gain N147bn as equities market begins week on high

The local currency lost N10 against the British Pound, trading at N1,880/£1, up from the previous day’s N1,870/£1.

The naira closed flat against the Canadian dollar to trade at N1,000/CA$1, the same as the previous day’s rate of N1,000/CA$1.

The naira closed flat against the euro, trading at ₦1,640/€1, the same as the previous day’s ₦1,640/€1.

By Babajide Okeowo 

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