Nigerian economy could be facing more turbulent time as Naira has set a new record, falling to its lowest against the American dollar at the parallel market.
The Bureaux De Change operators–BDCs, noted that the naira is currently selling at N1,000 against the dollar at the black market.
On Tuesday, the traders put the buying price of the dollar at N990 and the selling price at N1,000, leaving a profit margin of N10.
The figure represents a depreciation of N7 or 0.7 per cent from the N993/$ it traded on Monday.
According to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦764.09 per dollar on Tuesday, September 26, 2023, and closed at ₦755.08 per $1 on Tuesday, September 26, 2023.
The last time the naira hit its lowest was on August 10 when it traded at N950.