Naira Crashes Against US Dollar at Black Market as Nigeria’s Foreign Reserves Hit 20-Month Low

The value of the Nigerian naira depreciated against the US dollar at the unofficial foreign exchange market on Thursday, May 11, 2023. LEGIT NEWS reports.Information Guide Nigeria

This comes after a sharp fall in the value of the naira on Wednesday, May 10, 2023 following increased demand for dollars by importers at the parallel market, also known as the black market.JAMB Result

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According to reports, the naira on the black market on Thursday closed at N746 per dollar on Thursday.

This represents a 0.26 drop in value for naira when compared to N744 to a dollar it exchanged on Wednesday.

The Naira also experienced a decline of N6 against the dollar at the peer-to-peer market, which is a platform used by many online shoppers and crypto traders for currency exchange. The day’s trading ended with the Naira closing at N758/$1 compared to its value of N752/$1 on the previous day.NYSC Portal

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