Naira woes worsen, hits N1,482/$1 at official market

The freefall of the naira continued on Tuesday January 30, 2024 as the domestic currency depreciated to a record low of N1,482.5/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

This latest historic depreciation puts the official rates higher than the parallel window rate also known as the black market.

While the official rate goes for N1,480.57/$1, the parallel or unofficial rate trades at N1,470/$1.

Further analysis shows that the naira slumped by N133.95 compared to the N1,348.62 recorded at the close of trading on Monday.

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The naira depreciation at the parallel forex market where forex is sold unofficially to N1,470/$1 representing a loss of N20 when compared to previous closing figure of N1,450/$1 while peer-to-peer traders quoted around N1,481.70/$1.

The naira also depreciated massively against the British Pound shedding N75 to trade at N1,865/£1 when compared to the previous day’s trading price of N1,790/£1

The Canadian dollar closed flat at N1020/CA$1, the same as the previous trading rate.

The naira also slumped against the Euro, trading at ₦1,570/€1 as against the previous closing price of ₦1,540/€1 at the last trading day representing a loss of N30.