Black Market exchange rate falls to N900/$1 for inflows, P2P market

The naira plunged to a record low of N900/$1 on the parallel market on Tuesday, August 8, 2023, as demand for foreign currency outstripped supply.

Nairametrics reached out to forex traders, who quoted the exchange rate as high as N900/$1 for “inflows” and N895/$1 for cash trades. “Inflows” represent the sale of forex via interbank transfers and are considered more expensive than cash transfers.

The peer-to-peer market, where cryptocurrency traders exchange forex, also saw the exchange rate soar above N900/$1.

Meanwhile, in the official Investor and Exporter Window, the exchange rate closed at N774.78/$1 while the NAFEX rate was N776. The official market also faces supply constraints, with daily turnover averaging $80 million since July.