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Posted By Udokabestluv On February 1st, 2024

Naira has fallen to a record low of N1,515 per dollar following strong demand on the parallel market, also known as the black market.

This represents 1.32% or N20.00 weaker than N1,495 it traded in the morning today according to Nairametrics tracker.

This despite analysts’ optimism that the new FX rules by the apex bank would shore up dollar supply from commercial banks and stabilise naira in the immediate terms.

The Central Bank of Nigeria (CBN) had yesterday released a new circular addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.

The current depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges.

Source: https://nairametrics.com/2024/02/01/breaking-naira-falls-to-record-low-of-n1515-1-at-the-black-market/