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BREAKING: Official exchange crashes to one week low, now N1,234.49/$1
The exchange rate between the Naira and Dollar on the official NAFEM window fell to a week to date low of N1,234.49/$1 on Monday, 22nd of April, 2024.
This is according to data from the FMDQ where the exchange rate is traded officially and end of day posts quoted.
This is a sharp depreciation from the official exchange rate N1,169.99/$1 recorded on Friday 19th of April 2024. Nairametrics had reported, Friday’s closing rate was also a 6-day low.
The exchange rate strengthened to around N1,072.74 on Wednesday as traders projected the local currency could trade below N1,000/$1 for the first time.
However, the latest drop appear to coincide with the remarks of the apex bank Governor, Yemi Cardoso, who stated that the intent of the bank was not to defend the Naira, when asked about the sudden drop in external reserves.
This is a developing story…..
