The exchange rate between the naira and the US dollar has fallen to a record low on the black market, trading at a minimum of N742/$1 on Monday morning. 

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 a report by Nairametrics 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.

Also, at the peer-to-peer cryptocurrency exchange, the exchange rate fell to N740.67/$1 against the US dollar on Monday morning from N738.2/$1 recorded last Friday.

The Central Bank of Nigeria increased the monetary policy interest rate to 15.5% last month from 14% in a bid to tame the rising inflation in the country, which reached a 17-month high in August 2022, largely due to the global energy crisis and depreciating exchange rate.