Exchange Rate Drops To $1/N993

The naira to dollar exchange rate hit an all-time low...

The naira to dollar exchange rate hit an all-time low on NAFEM, the platform where forex is formally sold

Naira continues to plummet versus dollars and pounds. 

The naira has depreciated by a staggering 20.5%, which is the lowest amount it has ever been versus the dollar.

The previous lowest level was N848/$1, which was recorded on October 17, 2023, and at the time constituted a one-day loss of 8.17%.

A 66% decrease in turnover from last Friday's $259.8 million to the market's $88.3 million was also noted. N475/$1 and N998/$1 were the respective intraday highs and lows. With respect to the closing day rate, the intra-day low is also noteworthy, representing a N523/$1 discount.

The currency rate appears to have strengthened over the last three trading days on the black market, in stark contrast to the depreciation experienced on the official market.