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.