BREAKING: Dollar crashes against naira in black market

Yesterday, the naira saw an improvement to N1,430 per dollar in the parallel market, up from N1,470 per dollar the previous weekend.

Likewise, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,408.04 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,408.04 per dollar, marking a significant increase from N1,431.49 per dollar recorded the previous Friday. This indicates a notable appreciation of N23.45 for the naira.

Consequently, the gap between the parallel market rate and NAFEM narrowed to N21.96 per dollar, a considerable decrease from N38.51 per dollar recorded the previous Friday.