Nigeria Naira Faces Sharp Depreciation, Closes at N996/$ at NAFEM

Nigerian Naira experienced a sharp depreciation of 13.95 percent, closing at N996 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window.

FMDQ Securities Exchange data revealed the Naira's tumultuous journey, reaching an intra-day high of N1,100 and a low of N744. The market opened at N794.83 but closed at N996.75, marking a substantial loss relative to the previous day's N874.71. The total trade value at NAFEM stood at a staggering $228.54 million. Concurrently, the parallel market witnessed a 14.81 percent appreciation, closing at N1,150 per dollar. Amidst these currency fluctuations, the Central Bank of Nigeria reassured the public that all banknotes remain legal tender, addressing anxiety over the old Naira currency's validity.

The CBN also affirmed the ample stock of currency notes to support normal economic activities and dispelled rumors of plans to redenominate the Naira as of October 31. The Naira's rollercoaster ride raises concerns about its stability and economic ramifications.