December 09, (THEWILL) – Naira has plunged to N1,009.05 per dollar on the Nigerian Foreign Exchange Market (NAFEM), the lowest dip ever.
Data from the FMDQ website showed that the troubled local currency succumbed to pressure to cross the N1,000 mark at the end of trading on Friday, December 8, to drastically close the gap with the parallel market.
The currency, which had exchanged for N843.07 to a dollar just a day before, saw a significant dip of 19.68 percent, settling at N1,099.05 to the dollar at the official NAFEM platform – formerly Investors and Exporters (I&E) window.
While the open indicative rate marked its presence at N844.10 to the dollar – signaling a bad day for the local currency, what truly stood out was the spot exchange rate of N1,186.00 during the intra-day trading – a striking peak in the currency’s value, before it ultimately found its equilibrium at N1,099.05 to the dollar.
Amidst this tumultuous exchange rate scenario, NAFEM recorded a substantially low volume of activity, with a total of $70.90 million changing hands. This is 43.38 percent against $137.35 recorded at the previous day’s trading.
This unpredictable dance of the naira against the dollar showcases the worsening state of the economy and unpredictability of the local currency which exchanged N1,182 in the parallel market as Nigerians await the forthcoming Yuletide with obvious nightmares.
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.
