Naira cra§hes to all-time low on official NAFEM, sells for N993/$1

Naira has cra§hed to an all-time low at the official NAFEM market, where forex is sold officially, as it sells for N993 per dollar on Monday, October 30.

PMNews reports that the current fall represents a massive 20.5% depreciation marking the lowest level ever recorded by the naira against the dollar.

According to the report, before now, the lowest level was N848/$1 recorded on October 17, 2023 which represented a one day 8.17% depreciation at the time.

The market also recorded a turnover of $88.3 million a 66% drop from $259.8 million recorded last Friday. Intra-day highs and lows were N998/$1 and N475/$1 respectively. The intra-day low is rather remarkable, and represents a N523/$1 discount to the closing day rate.