The Nigerian naira’s exchange rate against the US dollar opened the week at N1,200 per dollar on peer-to-peer (P2P) platforms. This comes as traders continue to grapple with increasing demand for foreign exchange amid dwindling supply.
In the early hours of Monday, quotes on P2P platforms indicated an exchange rate of about N1,200 per US dollar. However, as the day progressed, some sellers began quoting as high as N1,210 per dollar.
On the unofficial black market, where foreign exchange is traded unofficially, reports suggest that exchange rates are around N1,200 per dollar for cash transactions and ranging from N1,250 to N1,300 per dollar for “inflows,” which typically refer to wired transfers. It’s essential to note that the actual exchange rates might vary depending on individual transactions and the parties involved.
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This situation reflects the ongoing challenges in Nigeria’s foreign exchange market, characterized by a growing gap between the official exchange rate and the rates in the parallel market. The disparity is largely driven by a scarcity of foreign exchange and increased demand for dollars, making it more expensive for individuals and businesses to access foreign currency.
The exchange rate dynamics remain a crucial economic concern in Nigeria, impacting import costs, inflation, and overall economic stability. As the situation unfolds, stakeholders in the country’s financial and economic sectors closely monitor exchange rate developments to assess their implications on the wider economy.
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