We provide Instant breaking news alerts and information about the day's most talked-about stories around Nigeria, Africa and the world trending news.
Naira Hits New Low at N1,320/$1 as Diaspora Departures Drive Demand on Parallel Market
Naira Hits New Low at N1,320/$1 as Diaspora Departures Drive Demand on Parallel Market
In a concerning development, the Nigerian Naira experienced a significant dip on Wednesday, reaching a record low of N1,320 against the US dollar on the parallel market, commonly known as the black market.
The decline, attributed to robust demand, represents a 3.03% decrease or N40.00 compared to the N1,280 rate observed at the close of Tuesday’s trading session.
Related Posts
This latest depreciation marks the weakest position the Naira has occupied since October 26, 2023, when it previously touched N1,300 against the dollar on the parallel market.
The increased pressure on the parallel market exchange rate is believed to stem from heightened demand, driven in part by the departures of Nigerians from the diaspora.
As the Naira faces these challenges, economic stakeholders and analysts closely monitor the situation, considering the broader implications for the nation’s currency stability and financial landscape.
