Despite CBN interventions, Naira has crashed to an all-time low at the official NAFEM market.
Newsonline Nigeria reports that Dollar to Naira exchange rate in Nigeria has crashed to the lowest level ever on NAFEM where forex is sold officially at the CBN rates.
This Nigeria news platform understands that the current fall represents a massive 20.5% depreciation marking the lowest level ever recorded by the naira against the dollar.
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Before now, the lowest level was N848/$1 recorded on the 17th of October 2023 which represented a one day 8.17% depreciation at the time.
The market also recorded a turnover of $88.3 million a 66% drop from $259.8 million recorded last Friday. Intra-day highs and lows were N998/$1 and N475/$1 respectively. The intra-day low is rather remarkable, and represents a N523/$1 discount to the closing day rate.
Meanwhile, Newsonline Nigeria reports that the current depreciation experienced on the official market is a stark difference from the black market where the exchange rate appears to have appreciated over the last 3 trading days.
This is coming less than two weeks after the Central Bank of Nigeria (CBN) lifted the ban on 43 items imposed under the Godwin Emefiele era.
The current lifting was disclosed in a circular by the apex bank released on October 12, 2023.
According to the central bank, the lifting of the ban was motivated by the realization that these restrictions had compelled importers to resort to the parallel market, creating additional demand for foreign exchange.