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Naira Falls To N755/$1 At The Black Market

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Despite the move, inflation has remained stubbornly high, an uptick attributed to the depreciation of the local currency.

 

The naira has exchanged N441.13/1$ at the official exchange rate market on Friday morning, 21st October 2022.

 

However, at the black market, the naira exchanged N755/$1 compared to N742/$1 recorded on Thursday, according to Nairametrics.

 

The depreciation of the local currency at the black market was attributed to increased demand and sustained FX scarcity in the market.

 

According to Nairalytics exchange rate tracker, the rate at N755/$1 is the highest on record. Indicating a market differential of N313.87/$1 between the official market and the parallel market..

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