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Naira Watch

Naira slump continues, hits N996/$1 at official window, N1150/$1 at parallel market



The naira seems not to be responding to the antidote administered to it by the Federal Government as the Nigerian currency continued its slump on Thursday against the American Dollar at both the parallel and official windows.

While the Nigerian currency traded at about N1150/$1 on Thursday as against the N1130-1140/$1 it traded on Wednesday at the Bureaux De Change (BDC) window, the naira fell to a new record low of N996.75/$1 at the official Nigerian Autonomous Foreign Exchange Market (“NAFEM”) window.

The domestic currency depreciated 12.24% to close at N996.75 to a dollar at the close of business on Thursday, data from the NAFEM where forex is officially traded, showed.

READ ALSO :Again, Naira slumps against dollar at parallel, official markets, trades at N1120, N809/$1

This represents an N122.04 loss or a 12.24% decline in the local currency compared to the N874.71 it closed on Wednesday and a new all-time low when compared to the last all-time low of N993.8/$1 recorded on October 30th, 2023.

The intraday high recorded was N1100/$1, while the intraday low was N744.00/$1, representing a wide spread of N356/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $228.54 million, representing a 101.32% increase compared to the previous day.

Meanwhile, the British Pound also appreciated against the naira to ₦1,330/£1.

By Babajide Okeowo

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