The exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N435/$1, the highest rate on record.
We understands that the Naira crashed against the US dollar on Thursday to close at N435/$1, representing a 4.82% depreciation compared to N415/$1 recorded in the previous trading session.
The 4.82% fall is the highest movement in either direction in over a year. The last time there was such a movement at the official market was 31st December 2021, when the rate depreciated 4.12% to close at N410.25.
On the other hand, the forex turnover at the official market increased by 90.2% on Thursday to $227.29 million.
Meanwhile, at the parallel market, naira gained 158 basis points to close at N560/$1 on Thursday, which represents a 1.58% appreciation compared to N569/$1 recorded on Wednesday. This is according to information obtained from BDC operators.
Similarly, exchange rate at the P2P market appreciated marginally on Thursday to close at N569.5/$1 despite opening the day at N570.2/$1.
Naira has witnessed continent decline in the past week, dropping from N560.95/$1 recorded before the Christmas break to trade for as high as N571.4/$1 at the P2P market.
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