Exchange rate falls to N993/$1


The exchange rate between the naira and dollar fell to the lowest level ever on NAFEM, where forex is sold officially.

This represents a massive 20.5% depreciation marking the lowest level ever recorded by the naira against the dollar.

Before now, the lowest level was N848/$1 recorded on the 17th of October 2023, which represented a one day 8.17% depreciation at the time.

The market also recorded a turnover of $88.3 million, a 66% drop from $259.8 million recorded last Friday.

Intra-day highs and lows were N998/$1 and N475/$1 respectively.

The intra-day low is rather remarkable, and represents a N523/$1 discount to the closing day rate.

The depreciation experienced on the official market is a stark difference from the black market where the exchange rate appears to have appreciated over the last 3 trading days. [PM News]

Leave a Reply