The Nigerian Naira faced a further decline against the US Dollar on January 25, 2024, in both the official and parallel markets. In the official market, the Naira depreciated by 2.12%, closing at N900.96 to a dollar. This marked an N18.72 loss compared to the previous day’s closing rate of N882.24.
The intraday high recorded was N1,399/$1, while the intraday low was N789/$1, indicating a wide spread of N610/$1. At the close of trading, the forex turnover was $115.19 million, representing a 103.52% increase from the previous day.
On the parallel market, the Naira fell to a record low of N1,410 per dollar, representing a 3.29% or N45.00 decline compared to the N1,365 recorded the previous day. This unprecedented depreciation reflects the severity of the current economic challenges.
The report also mentioned efforts to authorize the Association of Bureau De Change Operators of Nigeria (ABCON) to publicly display black-market rates of the Naira against the dollar online. ABCON is proposing this move, and it is part of an initiative to upgrade the functionality of their existing website to compete with other platforms in the economy.
The report highlighted that the recent depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira. It also mentioned the ban on AbokiFX and the efforts to allow BDCs to restart the public display of exchange rates.
