Naira-Dollar Exchange Rate Hits N1,040 In Parallel Market As Scarcity Grows

The exchange rate between the Nigerian Naira and the US Dollar has taken a plunge, reaching N1,040 at the parallel market. This latest development stems from the battle between soaring demand and a constrained supply of foreign exchange in the country.

Forex traders, have reported that quotes for inbound currency now fluctuate between N1,035 and N1,045 per US dollar. This trend is attributed to the growing scarcity of foreign exchange resources in the market, which has left many Nigerians with the impact on their everyday lives and businesses.

READ ALSO: Naira Depreciates To N756/$ In I&E Window

The official exchange rate, controlled by the Central Bank of Nigeria remains at N776.8 per US dollar. This contrast between the official rate and the reality faced by Nigerians in the parallel market underscores a growing disconnect in the nation’s foreign exchange landscape.

As citizens navigate the maze of varying rates, the consequences for the wider economy remain uncertain.

This situation continues to evolve, and the disparity between official and parallel market rates raises questions about the sustainability of the current exchange rate policy on the mind of the citizens.

More details later…

Emmanuel Ochayi

+ posts

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

• Global Oil Prices Rise To $73.05/ Barrel As Market Prepares For 2024 Outlook
• Interesting Facts About Elon Musk, Trump's Pick for Department of Government Efficiency (2)
• When Hunger Meets Crowd: How To Avoid Stampedes During Charity Drives
• Fuel Price Reductions: Are Consumers Really Benefiting?