Connect with us
WANT LATEST NEWS UPDATES STRAIGHT TO YOUR PHONE? FOLLOW US ON FACEBOOK

Business

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

Published

on

The Naira tumbled massively, falling to a historic low of N1,348.63 against the US Dollar in the foreign exchange market on Monday.

Data from FMDQ showed that the Naira climbed to a record-time low of N1,348.63 per US Dollar on Monday from N891.90 on Friday.

This represents 33.87 per cent or N456.73 weaker than N891.90 recorded at the close of trading on Friday.

Pmnews.ng recalls that on December 8th and 28th last year, the Naira surpassed the N1,000 per US dollar threshold, quoting at N1,099.05 and N1,043.09 per dollar, respectively.

Similarly, the Naira still did not do well in the parallel forex market as the exchange rate depreciated by 2.76 per cent, quoting at N1,450 per US dollar.

READ ALSO  Nigeria’s unemployment rate rose to 4.2% in Q2 2023 – NBS

The depreciation comes despite the forex turnover at the close of the trading, which was $64.29 million, representing a 36.33 per cent increase compared to the previous day.

Pmnews.ng recalls that the Central Bank of Nigeria released another N500 million to the forex market to clear verified forex backlog.

The development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

Trending