The naira slumped against the American dollar at both the official window and the parallel market on Wednesday.
The local currency traded N1, 606/$1 at the official window and N1, 620/$1 at the parallel section of the market today.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the N1,606/$1 was N12 higher than the N1,594/$1 the currency traded at the official window on Tuesday.
The intra-day high and low recorded during the day were N1,615/$1 and N1,511/$1 respectively, representing a lean spread of N104\$1.
The naira lost N5 against the dollar at the parallel section of the forex market to trade N1,620/$1 as against the previous N1,615/$1.
The naira also lost N5 against the British Pound to trade N2,125\£1 as against the previous N2,120\£1.
The Canadian dollar closed flat against the naira to trade N1,250| CA$1.
The naira lost another N5 against the Euro to trade ₦1,805/€1 as against the previous day’s ₦1,800/€1.
By: Babajide Okeowo