The naira depreciated to a record low of N803 per dollar at the Investor and Export (I&E)
The fall represents a 7.3% decline from the beginning of the week, when it closed at N744 per dollar.
Data from the FMDQ, where Nigeria officially trades the exchange rate, shows that the naira depreciated by 7.72% from N746.28.
The intra-day trading saw the naira exchange at a high of N829 per dollar, higher than the parallel market rate, while the intra-day low stood at N689 to a dollar.
Checks show that at the parallel market, the naira fell to a low of N815 to a dollar, according to data on Abokifx, the parallel market exchange rate aggregator.
Meanwhile, Nigeria’s forex reserves closed at $34 billion as of July 11, 2023.
The depreciation of the naira is likely due to a number of factors, including the ongoing war in Ukraine, which has caused oil prices to rise and put pressure on the naira.
The fall in the value of the naira is a major concern for the Nigerian economy, as it will make it more expensive to import goods and services, and could lead to inflation.
The government is likely to take steps to try to stabilize the naira, but it is unclear how effective these measures will be.