Naira crashes to all-time low of N1, 099.05/$1 at official market

The Naira crossed the N1,000 mark to reach an all-time low of N1,099.05/$1 on Friday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a significant 23.29% or N255.98 drop in valuation compared to its previous closing rate.

The Nigerian currency had on Thursday rebounded to close at N843.07/$1 at the official market.

However, the domestic currency closed at N1, 099.05/$1 at the close of business on Friday to raise concerns about its impact on the economy as the festive season approaches.

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Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially.

The exchange rate depreciated by 0.69%, quoted at N1190/$1, while peer-to-peer traders quoted around N1193.56/$1.

The story was not different for the British pound as the naira lost some ground to the Pound to crash to N1,480/£1 as against the rate of N1,460/£1 recorded on Thursday.

The Euro closed flat at ₦1,250/€1 same as Thursday while the naira also closed flat against the Canadian dollar at N910/CA$1 it did on Thursday.