Naira Crosses N1,000 Per Dollar In Black Market

The foreign exchange crisis in the country worsened on Thursday as a dollar exchanged for over N1,000 at the parallel market, Daily Trust reports. 

Survey at popular black markets in Lagos indicated that a dollar exchanged for between N1,000 and N1,050 in the early hours of Thursday, before settling for N990 in the evening, indicating a difference of N252 from the Investors & Exporters FX window, where the naira closed at N738. 

The gap between the official and parallel market has steadily widened, since the Central Bank of Nigeria (CBN) announced unification of all segments of the foreign exchange markets in June. 

However, despite the unification policy, the parallel market has continued to witness patronage due to the scarcity of the greenback at the official market, according to operators.