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

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

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