Nigerian Dollar Plunges in Black Market as Naira Weakens Against US Dollar

The Nigerian Dollar has plummeted in the black market exchange rate, with traders quoting a new buy and sell rate significantly lower than before. The official market rates have remained relatively stable, with the Naira weakening against the US Dollar in the Nigerian foreign exchange market.

Yemi Kale, the Chief Economist of the Africa Export Import Bank (Afreximbank), projected the Naira to trade at around N1,350. The exchange rate dynamics are influenced by factors such as oil prices, foreign exchange inflow, inflation trends, and policy consistency.

The Naira's performance against major currencies like the Euro and British Pound has also been affected. Despite the fluctuations in the parallel market, the local currency has largely stayed within expected trading ranges.