Naira crashes to all-time low on official NAFEM, sells for N993/$1

Naira has crashed to an all-time low at the official NAFEM market, where forex is sold officially, as it sells for N993 per dollar on Monday, October 30.

National Daily reports that the current fall represents a massive 20.5% depreciation marking the lowest level ever recorded by the naira against the dollar.

According to the report, before now, the lowest level was N848/$1 recorded on October 17, 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.