Official Exchange Rate Ends 2023 At N907.11, 26.8% Depreciation Since Unification

Official Exchange Rate ended 2023 at N907 which is a total of 11, 26.8% depreciation since unification by President Tinubu Government.

 

 

NewsOnline Nigeria reports that the exchange rate between the naira and dollar at the official NAFEM closed the year at N 907.11 per dollar marking a turbulent year for the currency of Africa’s largest economy. 

 

This Nigeria news platform understands that data from the FMDQ where the exchange rate trades officially reveal the naira closed slightly better than the N1,043/$1 it closed a day earlier.

 

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However, at N907.11 the exchange rate has now recorded a depreciation of 26.8% since June 14th, when the exchange rate market was unified by the central bank on the order of the Tinubu administration.

 

On a year-to-date basis, the exchange rate has depreciated by a whopping 49% after opening the year at N461.5/$1.

 

The slump has raised concerns about a deepening currency crisis in Nigeria, further compounding the economic challenges faced by the nation. 

 

More to follow…