Naira slumps against dollar, trades at N1,485/$1

The Nigerian currency, the naira, has suffered a significant loss against the United States dollar, trading at N1,485/$1 in the official market. This represents a decline of N23 compared to the previous day’s rate of N1,462/$1.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira’s value has been volatile in recent days, with a series of gains and losses against various currencies.

KEY POINTS

– The naira lost N23 against the dollar, trading at N1,485/$1.
– The currency also slumped in the parallel market, trading at N1,506/$1.
– However, the naira gained value against the British pound (N1,880/£1) and the Euro (N1,570/€1).
– The Canadian dollar closed flat against the naira (N1,200/CA$1).

“The naira’s value has been affected by various factors, including external pressures and domestic economic dynamics,” said economic analyst, Dr. Aisha Abdullahi. “The Central Bank of Nigeria’s efforts to stabilize the currency are commendable, but more needs to be done to address the underlying issues affecting the economy.”

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