No more N1K/$: Naira hits new all-time low after crashing by N286 in hours

LEGIT NG

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.

Naira to dollar exchange rate at the official market

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.