Naira crashes to record N557/$1 at black market as demand pressure worsens
Naira appreciated against the US dollar on Tuesday, to close at N412.08/$1 as against the N412.75/$1 recorded at the close of trade on Monday, 13th September 2021, representing a 0.16% gain.
The exchange rate at the parallel market depreciated again to another all-time low on Tuesday to close at N557/$1 compared to N550/$1 recorded in the previous trading session. This represents a 1.3% depreciation and further widens the gap between the black market rate and the official rate.
The local currency crashed by N7 at the black market to hit a new low following CBN’s actions to channel forex demand away from the window as buyers scramble to buy the scarce dollars.
Currency speculators are taking advantage of the huge exchange rate difference between the official market and the black market.
The demand pressure for forex continued despite an 8% improvement in dollar supply at the official window.