The Nigerian currency, Naira, experienced a significant drop, reaching N1035.12 against the US dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Wednesday.
This decline represents a 4.72 percent decrease from the N988.46/$ rate recorded on Tuesday, the first trading day of 2024.
The FMDQ Securities Exchange reported fluctuations in the official FX trading, ranging from a low of N700 to a high of N1,224 per dollar.
The market opened at N932.67 and closed at N1035.12, with a total daily FX market turnover of $85.68 million at the NAFEM window.
In the parallel market, the Naira fell by N15 or 1.23 percent, reaching N1,230 on Wednesday, compared to N1,215 on December 30, 2023.
Despite predictions of the Naira’s recovery in 2024 by financial experts like Bismarck Rewane and Central Bank of Nigeria Governor Olayemi Cardoso, the currency continues to face downward pressure.