Finance

Naira exchanges N1,040 to a dollar in parallel market

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.

Related posts

Nigerian banks to stop accepting old £20, £50 notes Dec 31

Our Reporter

UBA posts ₦401.6bn profit before tax in H1 report

Editor

Stopping dollarisation of economy will strengthen Naira

Our Reporter

CBN goes after states, firms, individuals to recover N9.3trn intervention loans

Our Reporter

Nigeria’s external reserves dips by $841m in three months

Editor

Sani A bacha loot: Over $267m seized from a United States’ bank