Naira now exchanging at N1,040 to a Dollar in parallel market

Presently, the Naira is facing a significant devaluation, plummeting to an alarming N1,040 against the US Dollar within the parallel market. According to insights provided by Nairametrics, the persistent issue of demand outstripping supply is a primary factor contributing to this unsettling trend. Forex traders are grappling with inflow quotes that fluctuate between N1,035 and N1,045 per dollar, underscoring the heightened scarcity and volatility in the foreign exchange market.

The official trade rate, standing at N776.8 to a dollar, reveals a stark disparity between the experiences of Nigerians conducting transactions through official channels compared to those relying on unofficial avenues. This economic dissonance amplifies concerns among the populace and raises questions about the effective management of the nation’s currency and forex policies. As citizens grapple with these economic realities, addressing the imbalance and fostering stability in the foreign exchange market become imperative to ensure financial security and confidence in the nation’s economic system.