Naira slumps to N1,043 against US dollar at official forex market

• The figure represents a significant N170.50 or 16.35 per cent depreciation compared to the N872.59/$1 it was quoted on Wednesday
• This is the second time the Naira crossed the N1,000/$ threshold

The Naira reached an all-time low on Thursday as it depreciated to N1,043.09 per US dollar in the official market a few days into the New Year.

FMDQ data showed that the Naira crashed to a record low recently.

The figure represents a significant N170.50 or 16.35 per cent depreciation compared to the N872.59/$1 it was quoted on Wednesday.

This is the second time the Naira crossed the N1,000/$ threshold; the first time was on Friday, December 8, 2023, when it reached a new historical low of N1,099.05 per Dollar in the official market.

This development represents a major turning point in the history of the Naira.

According to FMDQ data, forex turnover at the close of trading on Thursday dropped to $83.63 million, representing a 34.63 per cent decrease compared to the previous day.

Similarly, Naira depreciated marginally to N1,220 per Dollar on Thursday from N1,205 per Dollar.

Meanwhile, on Thursday, the Naira traded around N1,193.6 to $1 on Binance, a P2P market and crypto platform.

This is the first time after the Christmas break that the Naira has slumped against the Dollar at both official and parallel markets.

Since June 14, 2023, when the apex bank introduced FX reforms, the Naira has fluctuated in the forex markets.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, recently assured Nigerians that the Naira is expected to strengthen in the FX market in 2024.