NAIRAMETRICS
The exchange rate between the naira and dollar hit an all-time low of N999/$1 during trading on October 19th, 2023.
This is according to intr-trading data from the FMDQ where forex is sold officially via the NAFEM.
Sources indicate this is the current intra-day high and could close lower when the market closes later in the afternoon.
Meanwhile, early afternoon trading on the black market P2P where forex is traded unofficially via cryptocurrency indicates the exchange rate is being quoted for N1,152/$1, suggesting the exchange rate is continuing with its steady decline.
As of Tuesday, the naira had plummeted to N1,100 to the dollar on the parallel market, while it fell to N790 per dollar on the official market.
Exchange rate disparity
The naira had a few days weakened to an initial unprecedented level of N848.12/$1 in the official market as the Central Bank of Nigeria (CBN)’s move to a more flexible exchange rate has put a lot of pressure on the naira
