Nigeria Nigerian Naira Hits All-Time Low, Reaches N1043.09/$1, Signaling Economic Concerns

In a dramatic turn of events, the Nigerian Naira has plummeted to an unprecedented low, exchanging at N1043.09 to the dollar at the official foreign exchange market.

This shocking depreciation marks a significant decline from N872.59/$ recorded just a day earlier. According to market experts, the rate surpassed even the N885.88/$ quoted before the Christmas holidays.

Data from the Financial Markets Dealers Quotations (FMDQ) revealed a 38.81 percent increase in dollar supply, reaching $127.93 million on Wednesday compared to $92.16 million on the preceding Friday.

As the Naira ranks among the world's worst-performing currencies in 2023, concerns intensify, with analysts predicting further depreciation in 2024, according to Bloomberg's latest report.

The nation faces economic challenges as authorities grapple with stabilizing the currency.