Naira Hits New Low as Dollar Sales Decline Further

“Naira Hits New Record Low Against Dollar as FX Market Sees Further Decline in Sales”

On Monday, the Nigerian naira experienced another significant drop against the dollar, driven by a continued decrease in dollar sales within the official foreign exchange (FX) market. Dollar transactions by banks and other market participants decreased by 26.59%, totaling $66.43 million compared to the previous decline of $84.10 million on Friday. Post-trading, the naira plummeted to an unprecedented low of 1,574.62 per dollar, marking a 2.33% decline from Friday’s rate of N1,537.96/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM). Intraday data from the FMDQ Securities Exchange revealed a weakening trend, with the intraday high dropping to N1,712 on Monday from N1,631 on Friday, while the intraday low also depreciated to N1,100 compared to N1,000 on Friday.