Naira sheds N1.02 against dollar at official window

The Nigerian currency, the naira, depreciated against the American dollar at the official market on Tuesday.

The Central Bank of Nigeria (CBN) Foreign exchange data showed that the naira slumped to N1, 606.64/$1 as against N1, 605.62/$1 it traded on Monday.

This represents a loss of N1.02 for the local currency.

On the black market, the naira lost N5 against the dollar to trade at N1,615/$1 as against the previous day’s rate of N1, 610/$1.

The naira lost N35 against the British Pound to trade at N2,165/£1 as against the previous N2,130/£1.

The Canadian Dollar still held steady at N1,150/CA$1.

The naira closed flat against the Euro to trade at ₦1,800/€1.

By: Babajide Okeowo

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