Naira plunges to 1,700/$ in parallel market

The Nigerian naira has plummeted to a new record low, closing at N1,700 per dollar in the parallel market on October 14, 2024, according to data from Bureau de Change (BDC) operators.

This represents a 0.29% drop from its previous rate of N1,695/$1 recorded on October 11, despite a surge in crude oil prices, which have surpassed $80 per barrel.

While the naira weakened in the parallel market, it remained relatively stable in the Investors and Exporters (I&E) window, closing at N1,641.27/$1. However, this still marks a 1.14% depreciation from its previous rate of N1,622.57/$1.