Naira Hits Record Low Of N1,348.63 /$1 At Official Market

Naira on Monday fell to a record low of N1,348.63 per dollar following strong demand on the official market, also known as NAFEM market.

This is despite the news of additional release of 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions by the Central Bank of Nigeria (CBN).

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This represents 33.87% or N456.73 weaker than N891.90 recorded at the close of trading on Friday.

The observed depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges.