BREAKING: Naira Drops To All-Time Low, Trades N1000 Per $1 At Parallel Market

The Nigerian naira has reached a new low against the US dollar in the parallel market.

Currency traders in Lagos, known as Bureaux De Change operators (BDCs), are quoting the naira at N1,000 to the dollar in the street market.

On Tuesday, these traders set the buying price for the dollar at N990 and the selling price at N1,000, resulting in a profit margin of N10.

This marks a depreciation of N7 or 0.7 percent compared to the N993/$ exchange rate on the previous Monday.