The Naira slumped massively against the American dollar in the official foreign exchange market on Monday, to begin the week on a negative note.
The local currency traded at N1,670.65/$1 at the official window according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This indicated that the N1,670.65/$1 was N70.65 higher than the N1,600.00/$1 that the currency traded at the official window last week.
The Naira lost N6 against the dollar at the parallel section of the forex market to trade at N1, 746/$1, as against the previous day’s rate of N1, 740/$1.
The Naira also lost N10 against the British Pound to trade at N2,260/£1 as against the previous rate of N2,250/£1.
After several weeks of closing flat, the Canadian dollar still maintained at N1, 300/CA$1 the same as the previous rate of N1, 300/CA$1.
The Naira lost N8 against the Euro to trade at N1,868/€1, as against the previous day’s rate of N1,860/€1.