The Nigerian naira on Monday experienced lowest rate ever against the US dollar on NAFEM where forex is officially traded.
This represents a whooping 20.5% depreciation, indicating the lowest level ever recorded by the naira against the dollar.
The lowest level naira had exchanged 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.
On the other hand, naira is appreciating massively at the parallel market for the last 3 consecutive trading days.