Exchange Rate Skyrockets to N644/$1 At Peer-To-Peer Market As Forex Scarcity Continues

 

The naira has depreciated massively at the peer-to-peer market to exchange N644.25/$1 in the early hours of Thursday, according to Nairametrics.

 

This represents a 1.44% decline compared to N635.1/$1 recorded on Wednesday morning. 

 

This is as the exchange rate between the naira and the US dollar closed at N426.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially on Wednesday. 

 

Also, forex supply fell by 62.45% to $144.03 million from the record of #383.59 million that was traded on Tuesday. 

 

However, the exchange rate at the parallel market appreciated slightly by 0.16% to close trading activities on Wednesday at N629/$1 compared to N630/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.