In the parallel market, the naira to dollar exchange rate drops to N1,040
In the black market, the naira’s value decreased to N1,040 against the US dollar.
One possible contributing element appears to be the persistent pattern of demand exceeding supply. According to Nairametrics on Wednesday night, forex dealers report influx quotations ranging from N1,035 to N1,045 per dollar, indicating increased scarcity.
The official exchange rate is still N776.8 to $1 in spite of this, indicating a significant difference between Nigerians’ experiences through official and unofficial channels.
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