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The Nigerian naira has fallen to an all-time low against the US dollar, exchanging for N1,100 per dollar on the black market on Wednesday morning, October 18, 2023.
This represents a significant decline in value from earlier this year, when the naira was trading at around N900 per dollar.
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, October 16, 2023.
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