The exchange rate between the Nigerian Naira and the U.S. Dollar plummeted to a low of N950/$1, down from N927/$1 just a day earlier, according to forex traders who spoke with Nairametrics. This marks the weakest point for the exchange rate in September and the lowest it has been since it touched N955/$1 on August 11, 2023. September has witnessed the highest loss in the black-market exchange rate, with market differential prices fluctuating by less than 1% throughout the month. In the peer-to-peer market, the dollar traded at N951, dropping from N927/$1 reported just a day prior. This widespread decline comes a day after the Central Bank of Nigeria (CBN) issued a warning to International Money Transfer Operators (IMTOs) to adhere to its plus or minus 2.5% price limits. To read further, click HERE.
Exchange rate falls to N950/$1 three months after anniversary of exchange rate unification.
