Naira slips to N765 against dollar at parallel market

Naira fell against the U.S. dollar at both the official and unofficial markets on Wednesday, October 26, 2022, slipping to a record low at the unauthorised market amidst continuing scarcity and high demand of the greenback.

Naira which commenced trading at N440.58 per $1 at the spot market declined to N441.67 per dollar at the close of sales, data published on FMDQ websites, where forex is officially traded, showed.

This implies a 0.07 per cent devaluation from N441.38 it exchanged in the previous session on Monday, October 24, 2022.

Similarly, the local unit crashed significantly at the street market on Tuesday, October 25, 2022, parallel market exchange rates reviewed across states showed.

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It was trading at N760.00 per $1 in the morning, but it dropped to N758.00 for $1 this evening. I don’t know if it will continue to increase or decrease by tomorrow,” a currency dealer at the market said.

The local currency opened at N762.00 per $1 at the parallel market otherwise known as the black market today Wednesday, October 26, 2022, in Lagos Nigeria, after it closed at N757.00 per $1 on Tuesday 25, October 2022.

Meanwhile foreign exchange supply rose to $79.41 million on Tuesday, October 25, 2022, representing a 101.2 per cent increase from $39.47 million on Monday.