Naira plummets to a record low of 1,610/$ amid renewed dollar scarcity on the black market.
On Wednesday, the naira hit a new low of 1,610 against the dollar on the black market, driven by a renewed scarcity of dollars. This represents a decline from recent trading days when the rate was around 1,605. In Lagos, traders are purchasing dollars from individuals at 1,600 naira and reselling at 1,610 naira, highlighting the volatility in the market.
The scarcity is attributed to several factors including seasonal travel and foreign students needing to pay school fees. Despite the recent issuance of a $500 million tax-exempt bond by the Debt Management Office (DMO), the demand for dollars remains high.
On the official market, the naira closed at 1,579.22 naira per dollar, compared to 1,592.06 naira the previous day, as reported by the FMDQ Securities Exchange Limited. The fluctuating exchange rates reflect ongoing challenges in managing foreign currency supply amidst economic pressures.
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