Naira Crumbles to N1,500/$1 at Official Market

By Adedapo Adesanya The Naira depreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday amid the foreign exchange (FX) crisis in the country. The Nigerian currency lost 0.71 per cent or N10.59 against the US Dollar in the official market to trade at N1,500.79/$1 compared with the preceding day’s N1,490.20/$1. Also, the domestic currency lost against the British Pound Sterling in the official FX market by N19.34 yesterday to sell for N1,890.86/£1 compared with Monday’s closing price of N1,871.52/£1 and shed N15.81 against the Euro to sell for N1,598.78/€1 versus the N1,582.97/€1