February 03, (THEWILL) – The Naira lost a whopping N548.48 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) in January, 2024.
This represents a 60.46 percent depreciation during the month.
The local currency opened the month with N907.11 per dollar on the first trading of January 2, and recorded N81.3 loss or 8.9 percent depreciation when it closed N988.46 to a dollar on that day.
The depreciation moved on the fast lane to plunge the low of N1,035.12 to a dollar the next day (January 2).
The roller-coaster remained the trend till January 31, when the local currency traded N1,455.59 to a dollar on the official window.
Meanwhile, the NAFEM recorded the highest turnover since the forex reform with a volume of $440.13 million on Friday, February 2 when the naira traded N1,435 to a dollar.
This offered a sigh of relief to buyers after the naira had hit an all-time low of N1,482.57 on January 30, exceeding the parallel market rate of N1,450 to a dollar.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.