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Naira sees record fall at official market, drops to N993/$

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The naira on Monday, dropped to a record low of N993.83 to the dollar at the investors’ and exporters’ (I&E) window, the country’s official foreign exchange (FX) trading platform, on Monday.

The figure represents a 25.81 percent depreciation of the local currency from the N789.94 recorded on the last trading day.

Data from FMDQ Securities Exchange, a platform that oversees FX trading in Nigeria, showed that the official window recorded a low of N475 and a high of N998 to the dollar on Monday.

According to FMDQ, trading opened at N794.70 and closed at the rate of N993.83; adding that the daily FX market turnover totalled $88.31 million.

Meanwhile, at the parallel section of the market, the naira sustained its recent gains, trading at N1,150 to the dollar.