The exchange rate between the Nigerian Naira and the United States Dollar has dropped to N1,040 in the parallel market. The ongoing trend of demand surpassing supply appears to be a significant contributing factor.
Forex traders have reported inflow quotes ranging from N1,035 to N1,045 per dollar, indicating an increased scarcity of foreign exchange, as reported by Nairametrics on Wednesday night.
It’s important to note that despite the surge in the parallel market rate, the official exchange rate remains at N776.8 per US dollar. This notable disparity between the experiences of Nigerians in official and unofficial currency exchange channels underscores the challenges faced by individuals and businesses operating in a market characterized by fluctuating exchange rates and limited access to foreign currency.