Naira Falls Big To N740/$1 On Black Market

Naira has crashed to a record low N740/$1 on Tuesday morning, according to Nairametrics.

 

The report was authenticated by black market operatives interviewed by the website.

 

According to FX traders, the fallen currency can be attributed to the continuous scarcity of forex and increased demand in the market.

 

In a discussion with Mr. Saheed, an FX trader around the Lagos International Airport, 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 yesterday, Monday, 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.