Naira Suffers Worst Depreciation In Official Market

The Naira suffered its worst depreciation in official reckoning on Thursday after it exchanged for N1,043.09 to the dollar at the official foreign exchange market.

The signal of the worst depreciation of the naira came as the N1,043.09 it exchanged for was against the N872.59 it traded for the dollar on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to dealers, the rate was stronger than N885.88/$ quoted on Friday before the Christmas holidays.

Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded last Friday.

The dollar was supplied by willing buyers and willing sellers who participated in the FX auction at NAFEM.

They quoted the dollar at N1,235.65 on the spot trading, stronger than $1,248 quoted on Friday. For the lower spot rate, the dollar traded for N740, weaker than N700 on Friday.

Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.

Naira has been rated among the world’s worst-performing currencies in 2023.

This is coming on the heels of Bloomberg’s latest report that naira is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024.

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