Naira Hits All-time Low, Exchanges for 1,100 to a Dollar
POLITICS DIGEST – Nigeria’s naira has fallen to an all-time low as it exchanged at N1,100 per dollar on the black market.
This is according to information obtained on Wednesday morning, October 18, 2023, from traders who sell forex per inflow.
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The traders confirmed quotes between N1,100-N1,110 for inflow. Inflows are forex transactions sold or bought over the wires.
The exchange rate at the official Nigerian Forex Market fell to the lowest ever point of N848/$1 on Tuesday marking a turning point in Nigeria’s exchange rate crisis.
This represents a 9.64% decrease, or a loss of N74.58, in just one day of trading when compared to the exchange rate of N773.54 on Monday, October 16, 2023.
