Naira hits historic low, tumbles massively against US dollar at forex market

On Monday, the Naira hit an all-time low of N1,348.63 versus the US dollar in the foreign exchange market.

The Naira dropped from N891.90 on Friday to a record low of N1,348.63 per US dollar on Monday, according to data from FMDQ.

This is a 33.87 per cent decrease, or N456.73, from the N891.90 recorded at Friday’s closing of business.

The Naira broke beyond the N1,000 per US dollar barrier on December 8 and 28 of last year, with quotes of N1,099.05 and N1,043.09 per dollar, respectively, according to ZINGTIE.

In the same vein, the Naira continued to struggle in the parallel foreign currency market, where it was trading at N1,450 to the US dollar after depreciating by 2.76 per cent.

The depreciation occurs in spite of the fact that the currency turnover at the end of trade was $64.29 million, up 36.33% from the day before.

The Central Bank of Nigeria provided an additional N500 million to the forex market in order to clear the verified backlog of currency, as reported by ZINGTIE.

This event occurred just one week after the bank provided about $2 billion to settle outstanding debt in the petroleum, aviation, and manufacturing industries.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.