The naira slumped against the American dollar at the official window on Tuesday.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that local currency shed N26 to trade N1, 611/$1, lower than N1, 585/$1 it traded the previous day.

The intra-day high and low recorded during the day were N1, 625/$1 and N1, 540/$1 respectively, representing a very lean spread of N80$1.

The naira also shed N5 against the dollar at the parallel section of the forex market to trade N1,640/$1 as against the previous N1,635/$1.

Similarly, the naira shed N15 against the British Pound to trade N2,145/£1 as against the previous N2,130£1.

The Canadian dollar closed flat against the naira to trade N1,250| CA$1.

The naira also shed N30 against the Euro to trade ₦1,810/€1 as against the previous day’s ₦1,780/€1.

By: Babajide Okeowo

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