By Adedapo Adesanya The Nigerian Naira recorded a loss against the US Dollar in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday, May 7 amid a renewed clampdown on foreign exchange (FX) traders in the black market. The value of the local currency weakened during the session against the greenback in the spot market by 4.6 per cent or N62.36 to sell for N1,416.57/$1, in contrast to the previous day’s N1,354.21/$1, according to data obtained from the FMDQ Securities Exchange. It was a similar story for the Nigerian currency at NAFEM yesterday as it shrank against the
Naira Falls at Official Market Amid Intense Fight Against Forex Traders
