Nigeria’s Naira has fallen to a record low of 1,534.39 per dollar at the official foreign exchange (FX) as demand rose amid shortage on Monday.
After trading on Monday, the naira lost 4.19 per cent of its value as one dollar was quoted N1,534.39 as against N1,469.97 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ revealed.
The naira also depreciated by 1.33 per cent at the parallel market, known as the black market. The dollar traded at the rate of N1,505 on Monday compared with N1,485 on Friday.
With the current rate, the value of the naira at the official market again surpassed the black market rate by N29.
According to the latest country report from the International Monetary Fund (IMF), Nigeria’s foreign reserves are projected to experience a notable decline, plummeting to $24 billion by 2024.
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