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Thursday, June 13, 2024

Nigeria’s currency reached an all-time low in the parallel market on Tuesday

Nigeria’s currency reached an all-time low in the parallel market on Tuesday, driven by ongoing dollar shortages and heightened demand for the greenback.

According to Abubakar Mohammed, CEO of Forward Marketing Bureau de Change Ltd., the unit experienced a 1.5% decline, settling at 1,305 naira per dollar compared to the previous day.

This widening gap over the official rate, which stood at 838 naira on Monday, reached 36%, as reported by FMDQ, a platform monitoring exchange rates in West Africa.

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