Naira Watch
Naira slumps against dollar on official, black markets as margin closes
The naira slumped against the dollar at both official and parallel foreign exchange markets, the second since this week commenced.
This is coming on the heels of a massive appreciation of the Nigerian currency against the dollar last week.
According to the Central Bank of Nigeria’s Exchange Data, the naira dropped to N1,545 on Wednesday from N1525 representing a loss of N20 against the American greenback.
READ ALSO: Naira makes recovery against dollar at official, parallel markets
Similarly, in the black market, the naira closed at N1710/$1 on Wednesday from N1660/$1 recorded the previous day. This means a loss of N50 against the dollar in less than 24 hours.
The naira gained N50 against the British Pound to trade at N2,150/£1 as against the previous day’s rate of N2,200\£1.
After several weeks of holding steady at N1,300/CA$1, the Canadian Dollar shed N20 against the naira to trade at N1,280/CA$1.s
The naira lost N80 against the Euro to trade at ₦1,830/€1 as against the previous day’s rate of ₦1,760/€1.
By: Babajide Okeowo
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