Exchange rate falls to N993/$1, lowest level ever on official NAFEM

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

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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.

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.