Business News

Naira Crashes to N1,520/$1 at Official Market as FX Supply Shrinks

funds in Naira accounts

By Adedapo Adesanya The Nigerian Naira extended its loss against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, May 14 as it fell by 2.9 per cent or N42.29 to N1,520.40/$1 compared with the previous day’s N1,478.76/$1. However, the Naira improved its value against the Pound Sterling in the official market by N59.52 during the trading day to quote at N1,767.62/£1 compared with the preceding session’s N1,827.14/£1 and gained N51.91 against the Euro to finish at N1,520.16/€1 versus N1,572.07/€1 it closed a day earlier. The mixed performance of the domestic currency against the three key