Naira Hits Record Black Market Low Per Dollar, Check Out Pound And Euro

Naira Hits Record Black Market Low Per Dollar

Nigeria’s naira hit a record low of 1,300 per dollar on the black market on Thursday, online platform abokiFX showed, driven by thin trading volumes on the parallel market and shortages of dollars on the official market.

The naira has been in free fall on the black market, where it trades freely, after currency restrictions were lifted on the official market.

Last month, the currency slid past 1,000 naira per dollar on the black market and has continued to fall.

Meanwhile, when checked at physical black market rate in Lagos and Abuja, this morning, rate of buying dollar is N1350 and it’s selling at the rate of N1330. Pounds to naira is selling at N1480 per pound, and buying at N1500 per pound. Euro’s buying rate is N1400 per euro and selling at N1350 at the black market today, 29 October, 2023.