Currency Market Pressure Sees Naira Sheds ₦9.49 Versus Dollar

The Nigerian currency, the naira, slumped against the U.S. dollar at the official window on Wednesday.

At the official window, the Central Bank of Nigeria (CBN) foreign exchange data showed that the naira closed at N1,353.90/$1, compared to N1,344.41/$1 on Tuesday.

This represents a loss of N9.49 for the local currency against the American dollar.

At the black market, the Nigerian currency gained N15 against the American dollar, trading at N1,405/$1, as against N1,420/$1 the previous day.

The local currency gained N10 against the British Pound, trading at N1,900/£1, as against the previous day’s N1,910/£1.

The naira closed flat against the Canadian dollar to trade at N1,000/CA$1, the same as the previous day’s rate of N1,000/CA$1.

The naira gained N10 against the euro, trading at ₦1,625/€1, as against the previous day’s ₦1,635/€1.