Business
BREAKING: Naira crashes to all time record low against dollar in Black Market
Traders dealing in foreign exchange for incoming funds have reported a depreciation of the exchange rate between the Nigerian naira and the US dollar to N1,100 on the informal market.
Nairametrics, on Wednesday, gathered this information from selected traders who confirmed quotes ranging from N1,100 to N1,110 for incoming funds.
Inflows refer to foreign exchange transactions sold or purchased over electronic networks.
Meanwhile, as of Thursday, the naira has dropped to N1,040 in the parallel market.
Additionally, forex traders have attributed this depreciation to increased scarcity, highlighting that the inflow is within the range of N1,035 to N1,045.
On the other hand, the official exchange rate remains at N776.8/$1, underscoring the disparity between the experiences of Nigerians in unofficial markets and the official exchange rate.
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