Netizens troubled as naira ends 2023 at 907/$

The unprecedented depreciation of the national currency, the naira, against the dollar and other major international currencies is causing widespread distress, particularly for individuals planning international travels and financing the education of their children and wards abroad.

The parents are grappling with the impact of the naira fall as expenses surge, leading to a sharp increase in the cost of funding their children’s education abroad due to unfavourable exchange rates.

The naira, on Friday, recovered to 907.11/$ on the official Investors and Exporters’ foreign exchange window after falling to 1,043.09/$ on Thursday.

This is a 13.04 per cent appreciation from Thursday’s figure, according to data from the FMDQ Securities Exchange.

Trading on the last working day of 2023 began at N911.67/$, it rose to a high of N1,224.10/$ and fell to N700/$, before closing at N907.11/$. Forex turnover improved marginally to $89.30m, a 6.78 per cent increase from the $83.63m it was the previous day.

At the parallel market, the naira closed the year at N1,195/$. A Bureau de Change operator said, “The dollar is N1,195. The difference between the buying and selling rates today is about N6/N7.”

On Thursday, the currency fell to a low of N1,043.09/$, its second time hovering above N1,000 at the official FX window. On December 8, it fell to an all-time low of N1,099.05/$ on the I&E window.

Culled from Punch