LEGIT NG
The exchange rate gap or disparity between the official and parallel market closed to N99 per dollar as the naira depreciated to the lowest in history at N1,099.05 per dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Friday, November 8, 2023.
The black market traded at N1,198 per dollar on Friday, November 8, 2023.
With the current rates, the disparity between the two markets has closed by over 100% to N99 compared to N1.83 per dollar that existed as of June 21, 2023, after the unification of the rate windows by the Central Bank of Nigeria (CBN).
The spot trading rate also closed further between the official and black markets to N22 per dollar from N1,176 as of December 7, 2023, while the parallel market was N1,198 per dollar as of December 8, 2023.
