Exchange Rates Plunge To Record Lows Of N152 At P2P And N999/$1 At NAFEM

On October 19, 2023, during trade, the naira/dollar exchange rate fell to its all-time low of N999/$1.

This is supported by intra-trading data from the FMDQ, where official forex sales are made through the NAFEM.

According to sources, this is the intraday high and the market may close lower when it closes later in the afternoon.

Meanwhile, early afternoon trading on the P2P black market, where foreign exchange is unofficially transacted using cryptocurrencies, shows that the exchange rate is quoted at N1,152 to $1, indicating that the rate is still steadily declining.

The FMDQ NAFEM's final closing exchange rate data show that on Thursday, the currency closed at N782.68 in line with the day earlier's gain. On Tuesday, the exchange rate fell to N848 to $1, the worst decline ever seen on the official market.

The day's turnover was $97.47 million, and the intraday low was again N701/$1.

In contrast to the N1,152 reported earlier, the exchange rate indicated on p2P platforms on Thursday evening was as low as N1,170.

As part of its ambitions to create a single exchange rate market, the Central Bank of Nigeria (CBN) had earlier in the week announced a substantial change in nomenclature used inside the Nigerian Foreign Exchange (FX) market, also known as NAFEM.