The exchange rate between the Nigerian naira and dollar fell to the lowest level ever on NAFEM where forex is sold officially.
The exchange rate falls to N993/$1 on Monday evening as Naira continues to appreciate
This represents a massive 20.5% depreciation marking the lowest level ever recorded by the naira against the dollar.
Before now, the lowest level was N848/$1 recorded on the 17th of October 2023 which represented a one day 8.17% depreciation at the time.
The market also recorded a turnover of $88.3 million a 66% drop from $259.8 million recorded last Friday.
Intra-day highs and lows were N998/$1 and N475/$1 respectively.
The intra-day low is rather remarkable, and represents a N523/$1 discount to the closing day rate.
The depreciation experienced on the official market is a stark difference from the black market where the exchange rate appears to have appreciated over the last 3 trading days.
On October 23, DAILY GIST reported that Wale Edun, minister of finance and coordinating minister of the economy, said Nigeria expects $10 billion in foreign currency inflows in the next few weeks to ease liquidity in the foreign exchange market.
“Mr. President announced that he had taken measures to ease illiquidity in the forex market which we know is very problematic at this time,” Edun said.
“The market is illiquid; it’s not functioning properly because there is no supply and there are various reasons for that.”
