The exchange rate between the naira and dollar hit an all-time low of N1,152/$1 on the black market, otherwise known as the parallel market, on Thursday, October 19, 2023.
The local currency was however exchanged at N999/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday.
This was contained in the intra-trading data from the FMDQ where forex is sold officially via the NAFEM.
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Meanwhile, early afternoon trading on the black market P2P where forex is traded unofficially via cryptocurrency showed the exchange rate was quoted for N1,152/$1, suggesting the exchange rate is continuing with its steady decline.
As of Tuesday, 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.
