Naira crashes to 1,639/$ at official market

The downward slide of the local currency worsened yesterday as the naira exchanged for N1, 639.41 to a dollar at the official rate.

The figure yesterday indicated a whooping loss of N34 after the dollar exchanged for N1,606 the previous day, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate.

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Also the black market rate also dipped yesterday as the naira lost N5 against the dollar, exchanging at N1,645/$1, as against N1,640 the previous day.