Naira crashed massively on Wednesday as Dollar continued to gain.
Gatekeepers News reports that Nigeria’s local currency which fell about two weeks ago to ₦748/$ at the black market, fell further on Wednesday, May 24, 2023, to ₦765 and is currently trading at that price.
The development comes as Nigeria prepares to swear in a new leader, Bola Tinubu on May 29, 2023.
Meanwhile, the official rate according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦464.10 per dollar on Tuesday, May 23, 2023, and closed at ₦464.42 per $1 on Tuesday, May 23, 2023.
Even though the dollar opened in the parallel market for ₦765 per $1, the CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.