May 27, 2024

Naira plunges to N970 at Black Market

Naira plunges to N970 at Black Market

The exchange rate between the naira and the dollar plummeted to N980 per $1 at the black market on Wednesday as traders lamented that there was no dollar to sell.

The drop in the naira’s value is said to represent a 2.93% drop when compared with the N955 per $1 that it traded the previous day as the foreign exchange crisis continues to rise.

The gap between the official and parallel exchange has steadily widened, since the reforms. The current price is 20% weaker than the official rate of 776.60 naira per dollar as reported by FMDQ.

Black market traders said importers were looking for dollars from them to bring in goods for Christmas sales, as they are not getting it at banks.

The naira has been losing ground since June when the Central Bank of Nigeria allowed it to trade more freely and scrapped the old regime of multiple exchange rates.

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