The exchange rate between the naira and dollar hit an all-time low of N999/$1 during October 19th, 2023 trading, Nairametrics reports.
This is according to intr-trading data from the FMDQ, where forex is sold officially via the NAFEM.
Sources indicate this is the current intra-day high and could close lower when the market closes later in the afternoon.
Meanwhile, early afternoon trading on the black market P2P, where forex is traded unofficially via cryptocurrency, indicates that the exchange rate is being quoted for N1,152/$1, suggesting the exchange rate is continuing its steady decline.
As of Tuesday, the naira had plummeted to N1,100 to the dollar on the parallel market, while it fell to N790 per dollar on the official market.
What is happening eeeee???