Naira depreciates to N996/$ at official market

The naira on Thursday depreciated by 13.95 percent to close at N996 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) — the country’s official exchange rate window.

Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the Nigerian currency hit an intra-day trading high of N1,100 to the dollar, and a low of N744.

FMDQ said the market opened at N794.83 to the dollar and closed at N996.75 on Thursday. This marks a loss of N122.04 relative to the N874.71 recorded on Wednesday.

The total value of trades recorded at NAFEM stood at $228.54 million.

At the parallel section of the market, the naira appreciated by 14.81 percent to close at N1,150 per dollar on Thursday — from N1,135 a dollar on Wednesday.

Meanwhile, the Central Bank of Nigeria (CBN) had said all banknotes remain legal tender after reports of anxiety among some members of the public over the legality of old naira currency.

Also, following reports of cash shortages, the apex bank said there is sufficient stock of currency notes to facilitate normal economic activities.

In addition to addressing concerns on cash scarcity, the CBN, on October 31, said there are no plans to redenominate the country’s legal tender, the naira.