Naira Plunges to Record Low Against Dollar at Official Market

The Naira suffered a significant setback on Monday at the official market, trading at N1,419.11 to the dollar, marking a sharp depreciation. The data, sourced from the FMDQ Exchange—the governing body of the Nigerian Autonomous Foreign Exchange Market (NAFEM)—indicates that the Naira’s value declined by N79.88, signifying a 5.96% loss compared to its position on Friday, April 26, when it traded at N1,339.23 to the dollar.

The declining exchange rate aligns with a steep drop in total daily turnover, which plummeted to 147.83 million dollars on Monday from 309.01 million dollars recorded on Friday. This downturn in market activity reflects broader economic uncertainties and a decreased investor interest in Naira-denominated assets.

At the Investor’s and Exporter’s (I&E) window, the Naira experienced volatility, trading within a wide range of N1,451.00 to N1,060.00 against the dollar.

These fluctuations are part of a broader trend of currency instability, prompting concerns over the potential impact on Nigeria’s economy and import-dependent sectors. As the central bank and government strive to stabilize the currency, investors and market participants are closely monitoring the evolving situation.