Nigerian Currency Hits Record Low Against US Dollar

Nigerian Currency Hits Record Low Against US Dollar

The Naira experienced a decline yesterday, reaching N1,410 against the dollar in the parallel market, compared to N1,395 over the weekend. However, there was a positive turn in the Nigerian Foreign Exchange Market (NAFEM), where the Naira appreciated to N1,354.21 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM rose from N1,400.4 per dollar to N1,354.21 per dollar, marking a significant N46.19 appreciation for the Naira.

Trading in the market showcased fluctuations, with an intraday high of N1,441 per dollar and an intraday low of N1,285 per dollar, resulting in a margin of N156 per dollar. However, the volume of dollars traded (turnover) saw a notable decline of 58 percent to $84.83 million compared to $201.88 million the previous day.

Consequently, the margin between the parallel market and NAFEM rates widened to N55.79 per dollar from N5.4 per dollar recorded the previous Friday.

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