The exchange rate between the naira and the dollar plummeted to N900/$1 on the black market, based on quotes received by Nairametrics late on Tuesday.
This represents a stark depreciation from N840/$1 where it traded late last week, subsequent to the central bank’s warning to speculators about a potential decline.
The rates traded for around N865-N870/$1 earlier on Tuesday but the decline later in the evening suggests rapid demand is on the rise as supply challenges persist.
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.
The Tinubu administration, however, indicated its resolve to tackle the rapid depreciation of the exchange rate, bolstered by the central bank’s commitment to intervene.
