Naira crashes further against US Dollar at official forex market

Naira drops to new low against US Dollar at official forex market

The Naira reached a record new low on Wednesday against the US dollar at the official foreign exchange market.

Data from FMDQ showed that the Naira depreciated to N1,035.12 per US dollar on Wednesday.

This represents a 4.72 per cent depreciation compared to the N932.67 per US Dollar it traded on Tuesday, the first day of trading in the new year.

Similarly, the Naira depreciated by 0.41 per cent, quoted at N1,220 per US dollar on Wednesday at the parallel market.

The development comes despite an increment in forex turnover at the close of the trading day, which was $85.68 million, representing a 457.08 per cent increase compared to the previous day.

Torizone gathered this is the third time the Naira has crossed the N1,000 per US dollar threshold since the exchange rate reform on June 14.

The first instance occurred on Friday, December 8, 2023, when the currency reached a historical low of N1,099.05 per dollar.