BREAKING: Naira falls to new low, hits N1,700/$1 in parallel market

Oct. 14, 2024 - Nairametrics

The Nigerian naira has plummeted to a new record low, closing at N1,700 per dollar in the parallel market on October 14, 2024, according to data from Bureau de Change (BDC) operators. While the naira weakened in the parallel market, it remained relatively stable in the Investors and Exporters (I&E) window, closing at N1,641.

27/$1. The widening gap between the official and parallel market rates continues to reflect the broader economic pressures on Nigeria’s foreign exchange system.

Key data pointsOn October 14, 2024, the naira opened at N1,695 per dollar in the parallel market but slipped to N1,700/$1, marking a 0.29% decline.

The persistent pressure on the currency is likely being exacerbated by dollar shortages, inflation, and a reliance on the parallel market for foreign exchange...