BREAKING: Naira Crashes Closer To 1000/$1 At Black Market

Naira has crashed closer to 1000/$1 at Black Market.

 

Newsonline Nigeria reports that the naira dropped to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outweighed supply.

 

Mohammed Gazali, a forex trader in Zone 4 Abuja, disclosed this to NewsOnline Nigeria on Thursday morning.

 

Similarly, he said the dollar exchanged between N890 and N895 in Ikeja and Ogba, Lagos.

Meanwhile, in the official Investor and Exporter Window, the exchange rate closed at N757.81/$1, while the NAFEX rate was N776.

 

The official market also faces supply constraints, with daily turnover averaging $80 million since July.

 

NewsOnline Nigeria recalls that since the liberalisation of the forex window by the Central Bank of Nigeria on June 14, the market has continued to be unstable.

 

During his July 31 broadcast to Nigerians, President Bola Ahmed Tinubu said the government would intervene in the forex market when necessary.

 

At July’s Monetary Policy Committee meeting, the acting CBN governor Folashodun Shonubi stated that efforts were underway to address forex volatility.