Naira hits record low of N1,235/$1 on black market amid strong demand

By Sodiq Adelakun

The Naira has hit a record low of N1,235 per dollar on the parallel market, also known as the black market, due to strong demand.

This represents a 2.06 percent (N25) decrease from the previous day’s rate of N1,210. However, the Naira had strengthened against the dollar on Monday, gaining 1.85 percent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The appreciation followed the announcement by the finance minister, Wale Edun, that Nigeria is expecting up to $10billion in new foreign currency inflows in the coming weeks to ease the acute dollar shortages in the foreign exchange market.

On a bustling Monday at the NAFEM, the value of the dollar displayed its strength, standing tall at N793.34, surpassing Friday’s rate of N808.27, as reported by the FMDQ.

In this vibrant marketplace, eager buyers and sellers eagerly engaged, with bids ranging from a high of N900/$ to a low of N701/$.

The daily turnover in the FX market experienced a slight uptick of 2.89 percent, reaching $81.55 million on Monday, compared to the previous Friday’s tally of $79.26 million in the official market.