Naira depreciated further on Wednesday, hitting a record low of N1,320 per dollar on the parallel market, also known as the black market.
Gatekeepers News reports that the new rate represents 3.03% or N40.00 weaker than N1,280 recorded at the close of trading on Tuesday.
This depreciation marks the lowest the Naira has come to since October 26, 2023, when it reached N1,300 against the dollar on the parallel market.
Market analysts believe the recent decline is due to a steady rise in demand for dollars by businesses seeking to restock goods or raw materials and individuals requiring dollars for overseas studies since the beginning of January.
Forex turnover rose by 460.52% to $147.81 as the Nigerian naira tumbled against the dollar on Tuesday, January 16th, 2024, in the official markets.
The domestic currency depreciated 4.72% to close at N878.57 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.
This represents an N39.62 loss or a 4.72% decrease in the local currency compared to the N838.95 closed the previous day.
The intraday high recorded was N1299.50/$1, while the intraday low was N720.50/$1, representing a wide spread of N579/$1.
Data posted on the official NAFEM window shows that the forex turnover at the close of the trading was $147.81 million, an increase of 460.52% compared to the previous day.
