Shocking as Naira falls to an all-time low, trading at N1000 per $1 on the parallel market today
On the unofficial currency market, the value of one naira (the Nigerian currency) has recently been significantly less valuable in comparison to one dollar (the currency of the United States).
In the Lagos street market, Bureaux de Change operators (BDCs) who are active in currency trading are currently giving a conversion rate of N1,000 to the dollar for the Nigerian currency, the naira. The dollar is the international reserve currency of the United States.
On Tuesday, the dealers decided that the price at which they would buy a dollar would be N990 and the price at which they would sell it would be N1,000. This resulted in a profit margin of N10.
When compared to the exchange rate of N993 per dollar that was seen the Monday before, there has been a reduction of N7, which corresponds to a decrease of 0.7 percent.