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Naira Now Exchanging at N1,040 to a Dollar at Parallel Market

The Naira has continued to tumble against the dollar at the parallel market.
According to Nairametrics, the naira is now exchanging at N1,040 to a Dollar in parallel market.
The report stated that the ongoing trend of demand surpassing supply seems to be a contributing factor and forex traders have been reporting inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity.
The official trade rate remains at N776.8/$1, highlighting a notable disparity between the experiences of Nigerians in official and unofficial channels.

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