Naira Hits N1,152/$ at Parallel Market, N999/$1 at NAFEM

The exchange rate between the naira and dollar hit an all-time low of N1,152/$1, yesterday on the black market P2P where forex is traded unofficially via cryptocurrency, suggesting the exchange rate is continuing with its steady decline.

He Naira, however, settled at N999/$1 during trading on October 19th, 2023. This is according to intra-trading data from the FMDQ where forex is sold officially via the NAFEM.

Sources indicate this is the current intra-day high and could close lower when the market closes later in the afternoon.

Earlier in the week, the naira had plummeted to N1,100 to the dollar on the parallel market, while it fell to N790 per dollar on the official market.

The naira had a few days weakened to an initial unprecedented level of N848.12/$1 in the official market as the Central Bank of Nigeria (CBN)’s move to a more flexible exchange rate has put a lot of pressure on the naira.

Although the 15.3 per cent exchange rate disparity between the official and black market rates is an improvement on the between 38 per cent and 18.8 per cent which was previously recorded, the higher rate at the official market (Investor & Exporters) window is going to put more pressure on businesses and the Nigerian economy.