Naira Falls Again

Naira Falls Again

On Thursday, the official Investor and Exporter foreign exchange window witnessed the naira declining to a low of N1043.09/$, indicating a 19.54% decrease from its Wednesday closing rate of N872.59/$, as reported by data from the FMDQ Securities Exchange.

This marks the second instance of the naira falling below the N1,000 threshold on the official FX window since the Central Bank of Nigeria removed the rate cap on the national currency.

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The initial occurrence was on December 8, when the naira reached an unprecedented low of N1,099.05/$ on the I&E window.

The most recent dip below N1,000 happened on Thursday, December 28, 2023, with the naira settling at N1043.09/$. Trading on that day commenced at N920/$, reaching a high of N1235.65/$ and a low of N720/$ before concluding at N1043.09/$.

The day’s total forex turnover amounted to $83.63 million, reflecting a 34.63% decrease compared to the previous day’s turnover of $127.93 million.

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