Naira Hits Record Low of N1,534 Against US Dollar in Foreign Exchange Market

The Nigerian Naira experienced a significant depreciation, reaching a record low of N1,534.39 against the US dollar on Monday, according to data from the Financial Markets Dealers Quotations (FMDQ).

Comparing the figures, this reflects a notable 4.2% or N64.42 depreciation compared to the N1,469.97 recorded on the previous Friday. The decline has brought the Naira back to the exchange rate observed on Monday, January 29, coinciding with the Central Bank of Nigeria’s introduction of the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms.

Simultaneously, the Parallel Market witnessed a slight increase, with the Naira trading at N1,495 per Dollar on Monday, up from N1,490 on the preceding Friday.

Addressing the concerns, the Central Bank of Nigeria governor, Olayemi Cardoso, assured stakeholders of exchange rate stability during an interface with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday. The situation calls for vigilant monitoring and response to ensure economic stability in the face of currency fluctuations.