Dollar crashes massively against naira in black market

The Nigerian Naira experienced a significant upswing on Thursday as it strengthened against the United States Dollar, reaching an exchange rate of N736.62 at the official window. This marked a substantial 4.53 percent appreciation compared to the N771.59 rate recorded just a day earlier on Wednesday.

The open indicative rate, an important benchmark, concluded at N774.74 to the dollar on Thursday. Throughout the day’s trading, a spot exchange rate of N799.90 to the dollar represented the highest rate recorded before it eventually settled at N736.62.

Remarkably, during Thursday’s trading session, the Naira was observed to be sold for as low as N700 to the US Dollar, indicating a remarkable degree of volatility in the foreign exchange market.

At the investors and exporters window, transactions worth a total of $66.43 million took place on Thursday, reflecting increased activity in the foreign exchange market.

However, in the parallel market, the Naira was quoted at a slightly weaker rate, ranging between N915 to N920 for one US Dollar on the same day. This variance between the official and parallel market rates underscores the ongoing challenges in Nigeria’s foreign exchange market, where multiple exchange rates have persisted in recent times, presenting both opportunities and risks for traders and investors alike.