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Naira Watch

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



The naira continued its yoyo on Wednesday as the Nigerian currency slumped to a new low of N951.22/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) window.

The domestic currency depreciated 15.19% to close at N951.22 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.

This represents an N144.49 loss or a 15.19% decline in the local currency compared to the N806.73 it closed on Tuesday and a new all-time low per the Nairametrics tracker. The last all-time low was N956.33 recorded on November 23rd.

The intraday high recorded was N1159.10/$1, while the intraday low was N701/$1, representing a wide spread of N458.1/$1.

READ ALSO:Naira rebounds, appreciates to N837.77/$1 at the official market

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $135.58 million, representing a 4.94% decrease compared to the previous day.

It was a different case at the parallel market as the naira gained at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.43%, quoted at N1165/$1, while peer-to-peer traders quoted around N1173.51/$1.

However, the naira lost marginally against the Pound closing at N1,455/£1 against the N1,435/£1 it closed on Wednesday.

The Euro also lost about N10 to the naira closing at ₦1,250/€1 against the ₦1,245/€1 on Tuesday while the naira also shed N10 against the Canadian dollar to close at N910/CA$1 it did on Tuesday, December 5, 2023.

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