Naira Crashes To 1,639/$ At Official Market

The local currency's decline worsened yesterday, with the naira falling to N1,639.41 per dollar at the official exchange 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.

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.