Nigeria’s naira depreciated to a low of N1,043.09 to the dollar at the official foreign exchange market on Thursday.
This is compared to N872.59 /$ on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to dealers, this was stronger than N885.88/$ quoted on Friday before the festive holidays.
Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.
The dollar was supplied by willing buyers and willing sellers who participated in the FX auction at NAFEM.
They quoted the dollar at N1,235.65 on the spot trading, stronger than $1,248 quoted on Friday. For the lower spot rate, the dollar traded for N740, weaker than N700 on Friday.
Similarly, the Naira Black Market exchange rate is N1,215 to the dollar.
The black market exchange rate is typically higher and has more patronage than the official exchange rate because it is not regulated by the government.
Dealers said a number of factors can affect the Dollar black market exchange rate, including: Supply and demand for the Dollar; The political and economic situation in the US and Nigeria as well as the value of the US dollar.
The exchange rate of Naira to dollar at the black market is a topic of great interest and concern for many individuals and businesses in Nigeria.
The black market refers to the unofficial or parallel market where foreign currencies are bought and sold outside the control of the government or official banking channels.
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