Emmanuel OchayiThe exchange rate between the Nigerian Naira and the US Dollar has taken a plunge, reaching N1,040 at the parallel market. This latest development stems from the battle between soaring demand and a constrained supply of foreign exchange in the country.
Forex traders, have reported that quotes for inbound currency now fluctuate between N1,035 and N1,045 per US dollar. This trend is attributed to the growing scarcity of foreign exchange resources in the market, which has left many Nigerians with the impact on their everyday lives and businesses.
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The official exchange rate, controlled by the Central Bank of Nigeria remains at N776.8 per US dollar. This contrast between the official rate and the reality faced by Nigerians in the parallel market underscores a growing disconnect in the nation’s foreign exchange landscape.
As citizens navigate the maze of varying rates, the consequences for the wider economy remain uncertain.
This situation continues to evolve, and the disparity between official and parallel market rates raises questions about the sustainability of the current exchange rate policy on the mind of the citizens.
More details later…
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