The Nigerian Naira reached a new low on Thursday, closing at N1,043.09 per dollar in the official market.

 

The domestic currency depreciated by 16.35% to close at N1,043.09 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.

 

 

This represents an N170.5 loss or a 16.35% decline in the local currency compared to the N872.59 it closed on Wednesday.

 

 

The intraday high recorded was N1235.65/$1, while the intraday low was N720/$1, representing a wide spread of N515.65/$1.

 

 

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $83.63 million, representing a 34.63% decrease compared to the previous day.

 

However, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 1.07%, quoted at N1220/$1, while peer-to-peer traders quoted around N1202.66/$1.