On Thursday, the naira fell even more to a new low of N1,152 per dollar in the black market.
In comparison to the N1,065 recorded on Wednesday, the value of the Nigerian currency decreased by 10%.
Operators of Bureau De Change (BDC) in Lagos state revealed that the naira’s depreciation happened as the dollar shortage got severe.
The local currency gained 6.76 percent to N790.68/$ in the official window, often known as the Nigerian Foreign Exchange Market (NFEM), compared to Tuesday’s closing rate of N848.
The dollar experienced an intraday high of N986 and a low of N701, according to statistics from FMDQ Exchange, a platform that manages foreign exchange (FX) trading in Nigeria.
The information revealed that the NFEM, formerly known as the investors’ and exporters’ (I&E) window, handled foreign exchange transactions totaling $69.88 million.
Authorized forex traders and their clients’ transactions decreased by $64.4 million or 47.9% from the $134.28 million exchanged on Tuesday.