The Nigerian currency, Naira, experienced a significant drop, reaching N1035.12 against the US dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Wednesday.
This decline represents a 4.72 percent decrease from the N988.46/$ rate recorded on Tuesday, the first trading day of 2024.
The FMDQ Securities Exchange reported fluctuations in the official FX trading, ranging from a low of N700 to a high of N1,224 per dollar.
The market opened at N932.67 and closed at N1035.12, with a total daily FX market turnover of $85.68 million at the NAFEM window.
In the parallel market, the Naira fell by N15 or 1.23 percent, reaching N1,230 on Wednesday, compared to N1,215 on December 30, 2023.
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Despite predictions of the Naira’s recovery in 2024 by financial experts like Bismarck Rewane and Central Bank of Nigeria Governor Olayemi Cardoso, the currency continues to face downward pressure.