Naira Drops To N742/$1 On The Black Market

On the black market, the naira-to-dollar exchange rate hit a record low on Monday morning, trading at a minimum of N742/$1. According to information provided by black market agents questioned by Nairametrics, this is the case.

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The naira decreased by 1.5% versus the US dollar from a Friday last week average of N731/$1. Because of ongoing shortages and growing demand for dollars, the value of the naira has decreased.

According to Nairalytics’ exchange rate tracker, the rate at N742/$1 is the highest on record, indicating a market differential of N300.62/$1 between the official market and the parallel market.

Naira Drops To N742/$1 On The Black Market

Also, at the peer-to-peer cryptocurrency exchange, the exchange rate fell to N740.67/$1 against the US dollar on Monday morning from N738.2/$1 recorded last Friday.

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The Central Bank of Nigeria increased the monetary policy interest rate to 15.5% last month from 14% in a bid to tame the rising inflation in the country, which reached a 17-month high in August 2022, largely due to the global energy crisis and depreciating exchange rate.

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