The naira crashed to a new record low on Wednesday, November 2nd, on the black market, closing at an average of N820/$1 from N800/$1 recorded in the previous trading session. It traded at N810/$1 earlier in the day.
This information is according to black market operators who spoke to Nairametrics.
The naira has recorded significant losses against the US dollar since last week after the Central Bank announced its plan to redesign the currency. The exchange rate has depreciated by N55 since the date of the announcement.
Many market operators are confused by the volatility and uncertainty in the Nigerian foreign exchange market. In a call with Mallam Audu, he told Nairametrics that the exchange rate is not fixed in the market and constantly changes as demand increases.
This is a developing story…
