Naira’s decline persists as it reaches a significant low, trading at 1,210 per dollar on the parallel market. Stay informed about the latest exchange rate trends.
The exchange rate for the US Dollar to Nigerian Naira started the week at N1,210/$1 on the parallel market. Here’s a brief overview of the situation:
- Parallel Market Opening: The week began with an exchange rate of N1,210/$1 for cash transactions in the parallel market.
- P2P Platforms: On P2P (Peer-to-Peer) platforms, the rate opened at N1,200/$1, which suggests a slightly lower rate compared to the parallel market. However, it’s worth noting that exchange rates can fluctuate quickly.
- Demand Pressures: Traders are reportedly facing increasing demand for US Dollars, while the supply remains limited. This could be one of the factors influencing the exchange rate.
- Black Market: On the unofficial black market, rates are noted at N1,200/$1 for cash transactions and ranging from N1,250 to N1,300 for wired transfers. Actual rates may vary based on the specific transaction and who is involved.
Please note that exchange rates in informal or unofficial markets can be highly volatile and may not necessarily reflect the official exchange rates. The situation can change rapidly, and various factors, including economic conditions and market dynamics, can influence these rates. It’s advisable for individuals and businesses engaged in foreign exchange transactions to stay updated on the latest developments and official rates.