• Business - Economy
  • Updated: September 26, 2023

Exchange Market: Naira Plunges To N1,000 Per Dollar

Exchange Market: Naira Plunges To N1,000 Per Dollar

On Tuesday, the naira fell to its lowest in recent times, selling at N1,000 in the morning, according to Abokifx, a website that aggregates daily rates for Nigerians using parallel market sources.

The latest development is coming after the Central Bank of Nigeria's attempt to stabilise the currency at N768 per dollar over the past week seemed to pay off.

Just last Thursday, Abuja traders quoted the dollar at N998, with one of them named Yahaya Adamu, a currency dealer in Wuse, a suburb of the nation’s capital, confirming the report.

On the aforementioned day in Lagos, the currency exchanged hands at around N990, as revealed by a foreign exchange operator named Umar Salisu, who is behind the data compilation in the region.

Market players say CBN has mostly been on the sidelines this month, with a source sharing that it has barely supplied dollars to the official window.

The above has resulted in a further decline of the naira after its steady fall continued from around 900 per dollar at the beginning of September.

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