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At official market, Naira drops to all-time low of N1043.09/$1



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The value of the naira fell to its lowest point in a while on Thursday, trading at N1,043.09 against the dollar on the official foreign currency market.

This contrasts with the N872.59/$ that was registered at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

Dealers claim that the exchange rate was higher than N885.88/$ quoted on the Friday prior to the Christmas break.

The dollar supply rose by 38.81 percent to $127.93 million on Wednesday from $92.16 million on Friday, according to data from the FMDQ.

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The dollar was provided by participants in the FX auction at NAFEM who were willing buyers and sellers.

In spot trade, they quoted the dollar at N1,235.65, which was higher than the Friday quote of N1,248. The dollar was trading for N740 on Friday, less than N700 at the reduced spot rate.

The dollar supply rose by 38.81 percent to $127.93 million on Wednesday from $92.16 million on Friday, according to data from the FMDQ.
One of the currencies with the lowest performance in the globe in 2023 is the naira.

This comes after the most recent report from Bloomberg, which stated that the naira is expected to have its worst year since democracy was restored in 1999 and that economists predicted additional devaluation in 2024.

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