Naira plunges to new low at forex markets

Tamarauemi Ebimini

The Nigerian currency plummeted further against the United States dollar across both the official and unofficial markets on Monday.

According to data published on the FMDQ website, the local currency closed at N1,598.54/$1 at the official market on Monday as against N1,537.96 recorded in the previous market last Friday.

Monday’s rate represents a 3.94 per cent depreciation from the previous market rate last Friday.

The Naira experienced an intraday high of N1,100/$1 and a dip of N1,712.00 before the market settled at N1,598.54 at the close of business on Monday.

Forex turnover at the authorised market stood at $66.43 million amidst a surge in demand and inflationary pressure across sectors of the country’s economy.

Similarly, the Naira hit a new low at the unofficial market on Monday amidst high demand for the greenback.

Unofficial market data indicated that the domestic unit commenced trading at the open market at ₦1,659.772 on Monday.

However, reports say it eventually slipped to N1,700 and above across parallel markets in the country as against N1,619 recorded in the previous session last Friday.