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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