• Business - Your Money
  • Updated: October 19, 2023

Exchange Market: Naira Falls To N1,152 Per Dollar

Exchange Market: Naira Falls To N1,152 Per Dollar

The exchange rate has continued with its steady decline, as the naira now trades for N1,152 per dollar on the black market where forex is traded unofficially via cryptocurrency.

Also, the exchange rate between the naira and dollar hit an all-time low of N999/$1 during trading on October 19th, 2023, 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.

Meanwhile, as of yesterday, the naira and dollar were at  N1,100 on the black market. 

Forex traders, however, revealed that the depreciation is due to increased scarcity, noting that the inflow ranges between N1035 and N1045.

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