Naira Falls To All-time Low On Official Window

The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday.

This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange.

Monday’s official rate is the worst official exchange rate the country has recorded since the Central Bank of Nigeria floated the national currency in June 2023.

The naira had closed above the N1000/$ on the official window. On December 8, the naira first fell to an all-time low of N1,099.05/$. On December 28, 2023, it closed at N1043.09/$, and N1035.12/$ on January 3, 2024. On January 9, 2024, it closed at N1089.51/$ and N1082.32/$ on January 10, 2024.

This steep depreciation of the naira against the dollar is defying efforts by the Central Bank of Nigeria and Federal Government to boost liquidity in the foreign exchange market.