February 29, 2024
Dollar Exchanges For 1,040 Naira At Parallel Market
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Dollar Exchanges For 1,040 Naira At Parallel Market

The exchange rate between the naira and the dollar fell to N1,040 at the parallel market as demand continues to outpace supply on a frequent basis.

According to multiple reports quoting bureau de change operators inflow range between N1035-N1045 to the dollar suggesting this was due to increased scarcity.

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Meanwhile, the official exchange rate continues to trade at N776.8/$1 highlighting the disconnect between what Nigerians are experiencing outside of official channels.

The exchange rate on the parallel market where forex is sold unofficially broke the N1000/$1 benchmark in September in what some analysts thought was temporary.

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