Connect with us


Naira continues yoyo movement, crashes to all-time low of N1, 099.05/$1 in official market



Naira closes strong against U.S dollar on Tuesday

The Naira crossed the N1,000 mark to reach an all-time low of N1,099.05/$1 on Friday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a significant 23.29% or N255.98 drop in valuation compared to its previous closing rate.

The Nigerian currency had on Thursday rebounded to close at N843.07/$1 at the official market.

However, the domestic currency closed at N1, 099.05/$1 at the close of business on Friday to raise concerns about its impact on the economy as the festive season approaches.

Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially.

READ ALSO: Naira’s up and down continues, plunges to new low of N951.22/$1 at official market

The exchange rate depreciated by 0.69%, quoted at N1190/$1, while peer-to-peer traders quoted around N1193.56/$1.     

The story was not different for the British pound as the naira lost some ground to the Pound to crash to N1,480/£1 as against the rate of N1,460/£1 recorded on Thursday.

The Euro closed flat at ₦1,250/€1 same as Thursday while the naira also closed flat against the Canadian dollar at N910/CA$1 it did on Thursday.

By: Babajide Okeowo

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now