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Nigeria’s currency hits a new record low on the official market

Old naira notes
  • The Naira falls to N996.75 on the official market.
  • The parallel market shows N1090 per dollar. 
  • Naira's official and parallel rates approach parity, narrowing the gap.

On Thursday, the naira hit a new low, ending at N1090 per dollar on the parallel market and N996.75 per dollar on the official market.

At the end of business on Thursday, the Naira lost 12.24% of its value, closing at N996.75 to the US dollar, according to figures from the NAFEM, the official forex market.

The local currency has dropped by N122.04, or 12.24%, from its closing value of N874.71 on Wednesday, marking a new all-time low, according to a report seen in the Nairametrics. October 30th's record low of N993.8 was the most recent all-time low.

There was a broad spread of N356/$1, with the intraday high being N1100/$1 and the intraday low being N744.00/$1.

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Data from the official NAFEM window indicates that at the end of trading, there was $228.54 million in currency turnover, which was 101.32% higher than the day before.

In a similar vein, the naira declined in the unauthorized parallel forex market, where the dollar to naira black market rate is sold. There, the exchange rate fell by 5.5%, quoted at N1090/$1, compared to N1110.10/$1 for peer-to-peer dealers.

The currency rates on the official and black markets are getting closer to parity, nevertheless. The difference between the official and black market rates has shrunk to around N100, or almost a 10% premium, a margin that is often seen as reasonable.

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