The exchange rate between the naira and dollar fell to the lowest level ever on NAFEM where forex is sold officially.
This represents a massive 20.5% 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 8.17% 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.
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.
Naira is going to depreciate further more. It’s obvious given the weak economic fundamentals in the country and clueless governments. You don’t throw a bone to many dogs and expect them not to fight. What is happening in the Nigerian economy is mere symptoms, not the problem.Unfortunately, the confused and clueless leaders are chasing and talking about the problems. What a farce!