Naira to Dollar Hits N820 As Demand Rises Further

Naira to Dollar Hits N820 As Demand Rises Further

Naira to Dollar Exchange Rate Surges to N820 as Demand Soars Higher : In response to a growing demand for dollars in the parallel market, commonly referred to as the black market, the Nigerian Naira experienced a further weakening of 1.09 percent on Monday.

During morning trading on Monday, the exchange rate for dollars reached N820, surpassing the average rate of N811 recorded on Friday.

According to a trader interviewed by BusinessDay, the surge in demand for dollars primarily stems from individuals seeking to travel for business or holiday purposes. The trader also stated that there is an ample supply of dollars available in the market.

At the Investors and Exporters (I&E) window, the Naira depreciated against the dollar. On Friday, the exchange rate stood at N803.90, representing a significant increase from the previous close of N746.28 recorded on Thursday, as reported by data from the FMDQ.