Naira Falls To Lowest N848/$ At Official Market

The official market closing rate for the Nigerian naira was N848/$, a record low and 9% lower than Monday’s closing rate of N778/$.

Due to the high demand for dollars, the currency on the illicit market also dropped to an all-time low of N1,050 per dollar.

On Monday, the daily foreign exchange market turnover fell 18.72% from Friday’s $53.02 billion to $43.09 billion.

The Central Bank of Nigeria (CBN) has said that it will intervene to increase liquidity on the Nigerian foreign currency market while encouraging everyone to act in a professional and orderly manner.

The CBN reiterates that in order to encourage price discovery, transparency, and credibility in FX rates, current FX rates should be cited from sources including the CBN website, FMDQ, and other reputable trading systems.