WATCH THE VIDEO HERE The naira slipped to an all-time low of N1681 per dollar at the official Investor and Exporter (I&E) window on Tuesday, November 6, 2024, according to data from the FMDQ Exchange. This drop in value highlights the persistent pressures on Nigeria’s foreign exchange market and represents a new low point for the currency. Tuesday’s rate decline follows Monday’s closing price of N1676.9/$1, which had already set a yearly high, reflecting the naira’s accelerated depreciation against the dollar in recent months. The naira’s depreciation coincides with the U.S. presidential election, in which former President Donald Trump defeated Vice President Kamala Harris to reclaim office. Trump’s expected economic policies may bring mixed impacts for Nigeria’s economy: Nigeria’s currency has depreciated by roughly 45% this year, one of the most significant drops worldwide. The widening gap between official and unofficial rates has added pressure on the Central Bank to manage liquidity in the forex market.
Exchange rate falls to record low of N1,681/$1 on official market
