Naira depreciates to N993/$, lowest level ever on NAFEM

The exchange rate between the naira and dollar fell to the lowest level ever on NAFEM where forex is sold officially at N993.82 against the dollar on Monday.

This represents a massive 20.5per cent 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 8.17peer cent depreciation at the time.

The market also recorded a turnover of $88.3 million a 66per cent 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.