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Naira falls to its lowest level in history against dollar at official market

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The Nigerian currency, the naira, fell to its lowest level in history against the United States Dollar on Wednesday, December 5, 2023, at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to FMDQ data, the naira depreciated to N951.22 against the dollar, marking the lowest exchange rate at the official market—a depreciation of 3.85 percent compared to Tuesday’s rate of N806.73 to a dollar.

ExtraPunchnews reports that the intraday high recorded was N1150 against the dollar, while the intraday low was N757 against the dollar, representing a wide spread of N393 against the dollar.

However, the naira dropped marginally at the parallel forex market, where forex is sold unofficially, exchanging at N1170 against the dollar.

Peer-to-peer traders quoted around N1165.23 against the dollar.

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