On the black market, the naira-US dollar exchange rate has dropped to a new low, trading at a minimum of N740/$1 on Tuesday morning. According to Creebhills’ interviews with black market operatives, this is the case.
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.