Naira on Monday plunged to an all-time low of N1,534.39 per dollar, despite recent efforts by the Central Bank of Nigeria (CBN) to strengthen the foreign exchange market through interventions.
Gatekeepers News reports that the new rate is a significant decline, amounting to 4.19% or N64.42 weaker than Friday’s closing rate of N1,469.97.
The domestic currency depreciated by 64.42% to close at N1,534.39 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
This represents an N64.42 loss or a 4.19% decline in the local currency compared to the N1,469.97 it closed on Friday.
The intraday high recorded was N1550/$1, while the intraday low was N1,000/$1, representing a wide spread of N550/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of trading was $89.61 million, representing a 64.69% decrease compared to the previous day.
Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,490/$1, a decrease of 0.34% against N1,485 it closed the previous day.
The Great British Pound (GBP) appreciated marginally by 0.27% to close at £1/N1,885 as against £1/N1,890 the previous day while Naira also gained against the Euro by 0.63% to close at N1575/EUR1 against NI585 / EUR1 reported the previous day.
In the cryptocurrency market where forex is sold using stablecoins, the Naira also crossed N1,506.65/$1.
