• Tuesday, June 25, 2024
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BusinessDay

One dollar is now N766 at parallel market

Investment migration offers Nigeria opportunities to boost FX inflows

One dollar is now trading at an average rate of N766 at the parallel market popularly known as black market.

The current rate shows a depreciation of naira against the dollar by 0.52 percent (N4) when compared with N762 traded during the intraday foreign exchange (FX) trading on Thursday.

Read also: Despite naira crunch, 85% of Nigerians still trust banks – Survey

The depreciation of the naira followed a strong demand for dollars by the end user for various FX needs, such as school fees, medical, importation and travel allowances.

At the Investors and Exporters (I&E) forex window, Naira also depreciated by 0.07 percent as the dollar was quoted at N463.67 on Thursday as against the last close of N463.33 on Wednesday, data from the FMDQ indicated.