Naira Fluctuates On Black Market Rate, Sells For N740/$1, N745/$1
Fred Omotara, Lagos
Nigeria’s currency, the Naira has continued to fluctuate on the black market rate since Monday evening, selling for as low as N745 to $1 on Monday evening and selling for N740 to $1 as at Tuesday morning.
This is according to information sourced from black market operatives interviewed by kadecommunicationng on Tuesday.
According to some of the FX traders at the Lagos airport, the fallen currency can be attributed to the continuous scarcity of forex and increased demand in the market. In a discussion with Mr. Taiwo, an FX trader, he stated that they sell dollars for an average of N740/$1 and buy for a maximum of N730/$1.
He also added that it sold for as high as N745/$1 on Monday evening, and has just moderated. He explained that the rising demand and continuous liquidity crunch continue to drive the exchange rate upward in the unofficial market, considering the price is determined by demand and supply