Naira falls to record low at official market, slumps to N1,043.09/$1

The Nigerian Naira fell to a new low on Thursday, December 28th, 2023, closing at N1,043.09/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

This represents an N170.5 loss or a 16.35% decline in the local currency compared to the N872.59 it closed on Wednesday.

The intraday high recorded was N1235.65/$1, while the intraday low was N720/$1, representing a wide spread of N515.65/$1.

This is the second time the Naira has crossed the N1,000/$ threshold following a similar slump to N1099.05/$1 on December 8, 2023 signifying a significant depreciation and raising concerns about its impact on the economy.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $83.63 million, representing a 34.63% decrease compared to the previous day’s trading turnover of $127.93 million.

However, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1215/$1 as against the N1220/$1 it traded the previous official trading day representing an appreciation of N5, while peer-to-peer traders quoted around N1202.66/$1.

The naira closed flat against the British pound to N1,540/£1 same as yesterday while the naira also closed flat against the Euro at ₦1,270/€1 same as the Canadian dollar at N975/CA$1.