Naira tumbles to all-time low, trades at N1,099/$ at official market

The Nigerian naira tumbled to an all-time low of N1,099 against the dollar, on Friday, at the country’s official exchange rate window — the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The rate represents a loss of 30 percent from the figure (N1,175) recorded last Thursday.

According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the local currency hit an intra-day trading high of N1,186 and a low of N644.

The local currency, which opened at the rate of N844 to the greenback, closed at N1,099.

Meanwhile, at the parallel section of the market, the local currency traded at N1,195 on Friday.

Currency traders, known as Bureau De Change (BDC) operators, quoted the buying rate at N1,185 and the selling price at N1,195 — leaving a profit margin of N10.

Consequently, the exchange rate gap between the parallel and official markets shrank to N95.

Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), had said the apex is working to ensure that the naira remains stable.

Cardoso said targeted policies, transparent market operations, and coordination between monetary and fiscal authorities can ensure a more stable exchange rate, control inflation, and create an enabling environment for businesses and individuals to thrive.