Naira crashes to N820/$1 as supply gap widens

The Naira on Monday, July 17, 2023, further weakened by 1.09 per cent following increased demand for dollars in the parallel market, also known as black market, BusinessDay is reporting.

The local currency hit its lowest level at the weekend, trading at 803.9 nairas to the dollar at the official forex market, the Investors and Exporters (I&E) window, and 822 nairas to the dollar at the parallel market, amid a persistent supply gap in Nigeria's foreign exchange (forex) market.

During the morning trading on Monday, dollars were quoted at the rate of N820 as against the average rate of N811 on Friday.

“Individuals, especially those who want to travel for business or holiday are the ones buying dollars. We have dollars in the market, ” a trader told newsmen.

At Investors and Exporters ( I&E), Naira depreciated as the dollar was quoted at N803.90 on Friday as against the previous close of N746.28 on Thursday, data from the FMDQ indicated.