The naira on Monday, 17th October, 2022 exchanged N742/$1 at the black market.
According to Nairametrics, this is according to information from black market operatives it interviewed.
The naira fell against the US dollar by 1.5% from an average of N731/$1 recorded last week Friday. The depreciation of the naira is due to the increased demand for the dollar amidst continuous shortages.
According to Nairalytics’ exchange rate tracker, the rate at N742/$1 is the highest on record, indicating a market differential of N300.62/$1 between the official market and the parallel market.