NAFEM official exchange rate hits record low at N993/$1

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Naira gains ground, trades at N1,025/$ in parallel market
Naira gains ground, trades at N1,025/$ in parallel market

The official exchange rate between the Naira and the Dollar has plummeted to an all-time low on the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This marks a staggering 20.5% depreciation, marking the lowest level ever recorded by the Naira against the Dollar.

Before this, the previous record low was set at N848/$1 on October 17, 2023, representing an 8.17% depreciation within a single day.

The NAFEM market also saw a notable drop in turnover, with a decline of 66% from $259.8 million recorded on the preceding Friday.

Intraday fluctuations saw the exchange rate range from N998/$1 to N475/$1, with the latter representing a remarkable N523/$1 discount compared to the closing rate for the day.

This depreciation on the official market stands in stark contrast to the black market, where the exchange rate has shown signs of appreciation over the past three trading days.