{"id":3087,"date":"2023-10-19T08:17:41","date_gmt":"2023-10-19T08:17:41","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/naira-plummets-to-record-low-against-us-dollar-in-both-markets\/"},"modified":"2023-10-19T08:17:42","modified_gmt":"2023-10-19T08:17:42","slug":"naira-plummets-to-record-low-against-us-dollar-in-both-markets","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3087","title":{"rendered":"Naira plummets to record low against US dollar in both markets"},"content":{"rendered":"
\n

The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The currency depreciated by 8.9% from Monday’s closing value, falling to N848.12\/$1 from N778.80\/$1 in the official market, according to data from FMDQ.<\/p>\n

This sharp decline was triggered by a 212% surge in forex supply, which increased from $43.09 million to $134.8 million. The intraday rates fluctuated between a high of N700.00 and a low of N981.00 before settling down.<\/p>\n

Simultaneously, the Naira traded at N1,050\/$1 in the parallel market, up from the previous rate of N1,040\/$1 due to a shortage in dollar circulation and increased demand. This even pushed the unofficial rate to N1,060\/$1, resulting in a spread of N201.88 between the markets and a market margin of 24%.<\/p>\n

Tuesday’s depreciation represents an 80% depreciation since June 13, 2023, prior to the radical forex reform of June 14 when the Naira traded at N472\/$ and N768\/$ at the official and parallel markets respectively.<\/p>\n

Street currency dealers across Lagos sold it between N1,040 to N1,049\/$ while the activity volume escalated to $234.28 million from $43.09 million recorded on Monday.<\/p>\n

The Central Bank of Nigeria (CBN) had previously indicated its plan to operate a \u201cmanaged float\u201d regime and intervene when necessary. Tuesday’s depreciation is seen as part of this apex bank’s deliberate act allowing a free float of the Naira to bridge the gap between official and parallel markets.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel…<\/p>\n","protected":false},"author":1,"featured_media":3088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":{"0":"post-3087","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-currencies"},"yoast_head":"\nNaira plummets to record low against US dollar in both markets | inFundPros<\/title>\n<meta name=\"description\" content=\"The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=3087\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira plummets to record low against US dollar in both markets | inFundPros\" \/>\n<meta property=\"og:description\" content=\"The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=3087\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-19T08:17:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-19T08:17:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXMPEB2I0SI_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=3087#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=3087\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Naira plummets to record low against US dollar in both markets\",\"datePublished\":\"2023-10-19T08:17:41+00:00\",\"dateModified\":\"2023-10-19T08:17:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=3087\"},\"wordCount\":272,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Currencies\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=3087#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=3087\",\"url\":\"https:\/\/infundpros.com\/?p=3087\",\"name\":\"Naira plummets to record low against US dollar in both markets | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-10-19T08:17:41+00:00\",\"dateModified\":\"2023-10-19T08:17:42+00:00\",\"description\":\"The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=3087#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=3087\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=3087#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Naira plummets to record low against US dollar in both markets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Naira plummets to record low against US dollar in both markets | inFundPros","description":"The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=3087","og_locale":"en_US","og_type":"article","og_title":"Naira plummets to record low against US dollar in both markets | inFundPros","og_description":"The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The","og_url":"https:\/\/infundpros.com\/?p=3087","og_site_name":"inFundPros","article_published_time":"2023-10-19T08:17:41+00:00","article_modified_time":"2023-10-19T08:17:42+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXMPEB2I0SI_L.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=3087#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=3087"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Naira plummets to record low against US dollar in both markets","datePublished":"2023-10-19T08:17:41+00:00","dateModified":"2023-10-19T08:17:42+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=3087"},"wordCount":272,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Currencies"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=3087#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=3087","url":"https:\/\/infundpros.com\/?p=3087","name":"Naira plummets to record low against US dollar in both markets | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-10-19T08:17:41+00:00","dateModified":"2023-10-19T08:17:42+00:00","description":"The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=3087#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=3087"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=3087#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Naira plummets to record low against US dollar in both markets"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/3087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3087"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/3087\/revisions"}],"predecessor-version":[{"id":3089,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/3087\/revisions\/3089"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/3088"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}