Naira weakens as official rate slides to N900.96 against dollar

Naira weakens despite three-month low for U.S. dollar index
Naira weakens despite three-month low for U.S. dollar index

Naira further tumbled against the dollar on Thursday, January 25th, 2024, in both the official and black markets.

The domestic currency depreciated 2.12% to close at N900.96 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.

This represents an N18.72 loss or a 2.12% decrease in the local currency compared to the N882.24 it closed on the previous day.

The intraday high recorded was N1399/$1, while the intraday low was N789/$1, representing a wide spread of N610/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $115.19 million, representing a 103.52% increase compared to the previous day.

We reported that naira on Thursday fell to a record low of N1,410 per dollar following strong demand on the parallel market, also known as the black market.

This represents 3.29% or N45.00 weaker than N1,365 recorded at the close of trading on Wednesday.

The observed depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges.