Naira Exchange Rate Crashes To N1,320/$1 At Parallel Market Wednesday

The Nigerian Naira on Wednesday crashed to a record low of N1,320 per dollar following strong demand on the parallel market, also known as the black market. 

This depicts 3.03% or N40.00 weaker than N1,280 recorded at the close of trading on Tuesday. 

This depreciation marks the lowest the Naira has come to since October 26, 2023, when it reached N1,300 against the dollar on the parallel market.  

According to Market analysts, the decline emanated from a steady rise in demand for dollars since the beginning of January.  

They further explained that the demand is primarily driven by businesses seeking to restock goods or raw materials and individuals requiring dollars for overseas studies. 

GWG.ng also learnt that this may be connected to diaspora Nigerians who are now departing in their numbers after the holiday season.

Another reason given is also due to the reopening of schools abroad as international students restock to pay school fees and hold some cash for holiday allowances. 

Source: Nairametrics

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