No More N1k/$: Naira sets new exchange rate record after falling by N286 in hours against US dollar

It is getting worse for the Naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria approved official market.

Just hours after recording a massive gain of N31, Naira crashed to its lowest level against the United States dollar at NAFEM.

According to Reuters, Naira is exchanging at N1,105/$ to the US dollar on the official market on Thursday, November 16, 2023.

This represents a N230 drop in value in hours compared to the N830 to the dollar it closed on Wednesday. The latest exchange rate is the lowest ever the Naira has dropped against the U.S. dollar in the official market after crossing the N1,000 mark.

However, it's the same story for the Naira in the Peer-to-Peer (P2P) segment of the foreign exchange market, mostly used by fintech.

Checks by Legit.ng show that as of 3 pm on Thursday, the Naira has depreciated to N1,115 against the dollar, compared to Wednesday's closing rate of N1,113/$1.

In the parallel market, also called the black market, BusinessDay reports that a dollar is trading in the afternoon at N1,135/$, the same rate it closed on Wednesday.

Naira against other currencies

There is no updated figure from the Central Bank of Nigeria(CBN) for the Naira against the British Pound and Euro at the time of writing.

On Wednesday, CBN data showed that the Naira weakened against the Pound Sterling in the official market by N12.07 to close at N1,047.84/£1 compared with Tuesday's traded rate of N1,035.77/£1.

While Naira against the Euro depreciated by N8.14 to finish at N911.27/€1 on Wednesday versus N903.13/€1 on Tuesday.