Naira falls to N630/$1 at the black market

Nigerian currency has dropped to a record low at the black market as forex scarcity gives room for traders to profit.

According to information from some Bureau De Change operators in Lagos, the exchange rate at the close of activities on Monday stood at N630/$1 compared to N619.5/$1 recorded in the previous trading session.

The huge jump follows notice from commercial banks to customers on a new forex policy.

Read also: Naira falls heavily to US dollar at official markets amid low FX supply

However, at the official Investors and Exporters (I&E) window on Tuesday, the Nigerian currency appreciated by 0.28% to close at N429.13/$1 compared to N430.33/$ from Friday.

The appreciation of the local currency followed the 51.26% increase in the amount of forex supplied in the official market.

A total of $95.58 million in FX was traded on Monday, 18th July 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.

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