Naira Hits All-time Low, Exchanges for 1,100 to a Dollar

The Naira has fallen to an all-time low as it now exchanges for N1,100 per dollar in the black market.

This is according to information obtained on Wednesday morning, from traders in the parallel market .

The traders confirmed quotes between N1,100-N1,110 for inflow. Inflows are forex transactions sold or bought over the wires.

The exchange rate at the official Nigerian Forex Market fell to the lowest ever point of N848/$1 on Tuesday marking a turning point in Nigeria’s exchange rate crisis.

This represents a 9.64% decrease, or a loss of N74.58, in just one day of trading when compared to the exchange rate of N773.54 on Monday.