Naira Records Another Biggest Fall at The Official Market, Depreciates by 11 Per Cent

Dec 2, 2023 | Entertainment, News


  • The Naira plummeted to another low in the official market on Friday, December 1, 2023
  • The Nigerian currency traded at N927 per dollar, representing an 11.40% decline compared to the N832.32 sold the previous day
  • The Nigerian currency hit an intraday high of N1,160 and a low of N701 before closing at N927.19 per dollar.

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Naira depreciated to another low at the official market to trade at N927 per dollar on Friday, December 1, 2022, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), Nigeria’s official exchange rate window.

The depreciation of the Naira represents a decline of 11.40% from the N832.32 per dollar recorded on Thursday, November 30, 2023.

Naira, NAFEM
The Nigerian currency depreciated against the dollar
Credit: Bloomberg/Contributor
Source: Getty Images

Naira hits intra-day high of N1,150 per dollar

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Naira bounces back at the official market to put Tinubu’s $1 trillion economic plans back on track

Data from FMDQ shows that the Nigerian currency hit an intraday high of N1,160 and a low of N701 before closing at N927.19 per dollar.

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According to reports, transactions opened at N815 to a dollar and closed at N927.19.

The daily Forex turnover recorded at the official window was $110.14 million.

Recall that the Governor of the Central Bank of Nigeria (CBN) said the bank had been focused on stabilizing the Naira and controlling inflation.

Cardoso said:

“We have critically reviewed the effectiveness of the central bank’s monetary policy tools and have spent time fixing the transmission mechanism to ensure the decisions of MPC meetings result in desired objectives,” he said.

“For quite some time, there has been a dislocation of our monetary transmission mechanisms, rendering the MPC meetings largely ineffective.”

Read also

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The apex bank governor stated that measures have begun yielding results as excess liquidity in the system has been reduced.

On the black market, the naira recorded a marginal decline, trading at N1,153 per dollar from the N1,153 recorded on Thursday, November 30, 2023.

CBN discloses reason naira gained over N100/$, says 31 banks paid to offset FX backlogs

Legit.ng reported that the Central Bank of Nigeria said it has made tranche payments to 31 banks to clear the Forex backlogs plaguing the FX market.

The bank also said it has set up foreign exchange mechanisms to address FX issues.

The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, disclosed this on Friday, November 24, 2023, at the bankers’ dinner in Lagos.

Source: Legit.ng





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