Naira-dollar exchange rate falls to N1,040 in parallel market – moneyamebo

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The exchange rate between the naira and the dollar has dropped to N1,040 in the parallel market.

The ongoing trend of demand surpassing supply seems to be a contributing factor. Forex traders report inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity, Nairametrics reports Wednesday night.

Despite this, the official trade rate remains at N776.8/$1, highlighting a notable disparity between the experiences of Nigerians in official and unofficial channels.

Source: The Punch

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