The exchange rate between the Nigerian Naira and the United States Dollar has reached a historic low of N983/$1 in the black market.
Currency traders have reported this development, emphasizing the scarcity of available dollars for sale.
Naira-Dollar exchange rate dips by 2.93%
This marks a significant 2.93% decline compared to the previous day’s rate of N955/$1, highlighting the ongoing foreign exchange challenges facing the country.
This also represents a substantial depreciation from the N950/$1 exchange rate observed just last week.
In mid-August, the dollar was quoted as low as N955/$1, causing concerns among investors about the potential for the exchange rate to reach N1000/$1.
There was a brief appreciation to N840/$1 after the CBN issued warnings to speculators regarding potential losses resulting from forthcoming policies.