Naira falls to record low at official market

Naira has depreciated to a record low of N464.67 per dollar, the lowest ever recorded at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange (FX) market.

The naira weakness followed increased demand for the dollar by the end users for importation and travel allowances.

The depreciation of the naira on Tuesday was 0.14 percent lower than N464/$1 recorded on Monday, data from the FMDQ indicated.

The daily foreign exchange market turnover, which reflects the volume of trading at the I&E window, closed at $127.72 million on Tuesday.

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By BusinessDay • May 18, 2023

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.