Nigerian Naira Hits Record Low Against US Dollar in Forex Markets

The Nigerian Naira experienced a significant decline against the United States dollar on Monday, marking a new record low in both the official and unofficial markets.

Official market data from the FMDQ website revealed that the Naira closed at N1,598.54/$1 on Monday, compared to the previous market rate of N1,537.96 last Friday. This represents a 3.94% depreciation from the previous market rate.

Throughout the trading day, the Naira saw fluctuations, reaching an intraday high of N1,100/$1 and a low of N1,712.00 before settling at N1,598.54 by the close of business.

Forex turnover at the authorized market reached $66.43 million, reflecting increased demand and inflationary pressures across various sectors of the country’s economy.

In the unofficial market, the Naira started trading at ₦1,659.772 on Monday but eventually slipped to N1,700 and above across parallel markets. This decline contrasts with the previous session’s rate of N1,619 recorded last Friday, highlighting the ongoing challenges facing the Nigerian currency in the forex markets.