BREAKING: Naira crashes massively, drop to N1,405 per dollar in black market

The Nigerian naira on Thursday experienced a decline in value, falling to N1,405 per dollar in the parallel market, compared to the previous rate of N1,375 per dollar on Wednesday.

The naira depreciated in the Nigerian Foreign Exchange Market (NAFEM), reaching N900.96 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM increased to N900.96 per dollar, marking a notable depreciation of N18.76 compared to the rate of N882.24 per dollar observed on Wednesday.

As a result of these fluctuations, the gap between the official exchange rate and the parallel market rate widened to N504.04 per dollar on the reported day, up from N492.76 per dollar recorded on Wednesday.