The exchange rate between the naira and dollar fell to N1,100 on the black market according to traders who sell forex per inflow.
Nairametrics obtained this morning quotes from select traders who confirmed quotes between N1,100-N1,110 for inflow. Inflows are forex transactions sold or bought over the wires.
The exchange rate is also quoted for N1,100 on peer-to-peer platforms where the exchange rate is sold via cryptocurrencies.
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 Nigeriaโs exchange rate crisis.
Nairametrics reported on Tuesday that the exchange rate between the naira and dollar devalued to N848/$1 on the official investor and exporter window on October 17th, 2023. It also traded at a record at an intra-day high of N981/$1.