Nigeria’s naira has fallen to an all-time low as it exchanged at N1,100 per dollar on the black market.
This is according to information obtained on Wednesday morning, October 18, 2023, from traders who sell forex per inflow.
The traders confirmed quotes between N1,100-N1,110 for inflow. Inflows are forex transactions sold or bought over the wires.
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The exchange rate at the official Nigerian Forex Market fell to the lowest ever point of N848/$1 on Tuesday marking a turning point in Nigeria’s exchange rate crisis.
This represents a 9.64% decrease, or a loss of N74.58, in just one day of trading when compared to the exchange rate of N773.54 on Monday, October 16, 2023.
It is the first time the Nigerian currency has closed a day’s trading in the Central Bank of Nigeria (CBN) official market above N800 against the US dollar.
This happened as the official window came under pressure amid a significant rise in FX demand following the decision by CBN to readmit 43 banned items into the official market FMDQ reports that the market forex transactions at the I&E window on Tuesday increased by 39% or $ 37.7 million to $134.28 million from $96.58 million a day earlier.
It is more likely the pressure will continue in the days ahead as Nigeria is a majorly import-dependent country.
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