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Naira hit a new record low, depreciating against the dollar at the parallel market, as it closed at N530/$1 on Thursday, 2nd September 2021, representing a N2 drop when compared to N528/$1 recorded on the previous trading day.

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The naira fell to an all-time low against the US dollars in the black market due to increased demand for foreign exchange by importers who cannot access forex at the official window.

The new change has reflected on global crypto exchange platforms where Naira is pegged 530 against dollar. Dollar stablecoions now sells at 530 Naira to a dollar

According to Reuters, the local currency is expected to ease on the black market in the coming week after the CBN orders deposit money banks to publish on their website names of individuals that violate rules on forex transactions.

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