The Naira exchanges for N698 to one US dollar a t the black market on Thursday.
Nairametrics is reporting black market forex operators as confirming the fall. The FX traders reportedly cited sustained scarcity of dollar and the increased demand for dip.
This might be a sign of recovery for the Nigerian currency, after it dipped as low as N718 to a dollar in July. The rate averaged around N672/$1 in the first week of August and maintained stability for most parts of the month.
The finance-centric website equally said the naira fell to N696/$1 on cryptocurrency peer-to-peer exchange also on Thursday. It was N692.9/$1 recorded in the previous trading session.
At the same time, the exchange rate at the official Investors and Exporters window fell from N430.67/$1 recorded on Tuesday to N431/$1 Thursday.
