VAM News Update

THE exchange rate between the naira and the dollar plunged to a record low N983/$1 at the black market based on quotes received by Nairametrics on Wednesday as currency traders said there no dollar to sell

This represents a 2.93% drop when compared with the N955/$1 that it traded the previous day as the foreign exchange crisis in the country continues unabated.

This also shows a substantial depreciation from the N950/$1 that it traded last week as the Central Bank of Nigeria (CBN) appears to be still struggling to stabilize the foreign exchange market despite its various policy pronouncements.

Recall that in mid-August, the dollar was quoted as low as N955/$1, stoking fears among investors that the exchange rate might plummet to N1000/$1.

This, however, appreciated at some point to N840/$1 after the apex bank warned speculators about potential major losses due to the policies it hopes to introduce.