Naira drops to record of N925/$1 at parallel market

The naira dropped to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outweighed supply.

According to traders, the dollar exchanged between N880 and N890 in Lagos.

Meanwhile, in the official Investor and Exporter Window, the exchange rate closed at N757.81/$1, while the NAFEX rate was N776.

The official market also faces supply constraints, with daily turnover averaging $80 million since July.

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Recall that since the liberalisation of the forex window by the Central Bank of Nigeria on June 14, the market has continued to be unstable.

During his July 31 broadcast to Nigerians, President Bola Ahmed Tinubu said the government would intervene in the forex market when necessary.

At July’s Monetary Policy Committee meeting, the acting CBN governor Folashodun Shonubi stated that efforts were underway to address forex volatility.