Business
Naira Falls To All-time Low
Naira Falls To All-time Low
The naira reached a historic low of N1,099.05/$ in the official Investor and Exporter forex window on Friday, concluding a tumultuous period for the national currency.
This marks a 30.36% decline from its previous closing rate of N843.07/$, as reported by data from the FMDQ Securities Exchange.
Read Also 6 Ways To Detect Fake Naira Note
It represents the weakest closing rate for the naira since the Central Bank of Nigeria adopted the I&E window as the official trading platform for the currency.
Throughout the day, the naira commenced trading at N844.10/$ before settling at N1,099.05/$. Since June, the naira has experienced a loss of over 40% of its value, contributing to inflationary pressures in the country.
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