January 31, 2024.Thank you for reading this post, don't forget to subscribe!
Nigerian Naira continued its free fall on Tuesday, sinking to a record low of N1,482.57 per dollar following strong demand on the official market, also known as NAFEM.
This represents 9.03% or N133.95 weaker than N1,348.62 recorded at the close of trading on Monday.
The domestic currency depreciated by 9.03% to close at N1,482.57 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
This represents an N133.95 loss or a 9.03% decline in the local currency compared to the N1,348.62 it closed on Monday.
However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.34%, quoted at N1,455/$1, while peer-to-peer traders quoted around N1,481.70/$1. (www.naija247news.com).