BREAKING: Naira crashes to all time record low against dollar in Black Market

The devaluation of the naira persisted at the commencement of business activities on Monday, plunging to N1,210 against the dollar in the parallel market compared to its closing rate of N1,170 the previous week.

Meanwhile, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), commonly referred to as the Importers and Exporters window, the naira experienced a 5.4 percent depreciation last week, settling at NGN808.27 to the dollar.

Traders in the parallel market attribute the ongoing decline in the naira’s value to the scarcity of the US dollar in the market.