February 13, 2024

Naira Hits Record Low with N1,534/1$ at Official Forex Market

The New Diplomat

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By Abiola Olawale

The Nigerian currency, the Naira, has continued to drop significantly in value, plummeting to N1,534/$ in the official Nigerian Autonomous Foreign Exchange Market on Monday.

The development, which meant a new all-time low, indicates a loss of 3.93% or N58 from the N1,476.13/$ at the close of business last week Friday.

The New Diplomat reports that the latest drop in the Naira’s value also marks the lowest official exchange rate since the Central Bank of Nigeria (CBN) decided to float the national currency in June 2023.

However, the New Diplomat also gathered that the Naira fared slightly better in the parallel market, trading between N1,480 and N1,490 on Monday.

This disparity between the official and parallel market rates has become more pronounced following FMDQ’s revision of its methodology for calculating the official exchange rate, which has been a contributing factor to the Naira’s depreciation from over 900/dollar to over 1,400/dollar.

It would be recalled that the Naira has continued to struggle against the Dollar and has since crossed over N1000/$ since December.

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