The Naira plummeted to a historic low against the US dollar on Wednesday, hitting N1,035.12 at the official foreign exchange market, marking a significant 4.72% depreciation compared to the previous day’s rate of N932.67. Simultaneously, the parallel market saw a 0.41% decrease, quoting N1,220 per US dollar.
Despite this, there was a notable surge in forex turnover, closing at $85.68 million, marking a substantial 457.08% increase from the day before. The Naira’s descent below the N1,000 threshold per US dollar occurred post the exchange rate reform on June 14, with two previous instances in December 2023, hitting historical lows of N1,099.05 and N1,043.09 per dollar.