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The naira traded at about N1,400 per dollar in the parallel market as strong demand for foreign currency continued outside the official FX window.In contrast, the naira strengthened in the official market last week, closing at N1,362.21 per dollar due to improved dollar inflows and stronger liquidity.Unmet demand and delays in accessing dollars through official channels are widening the gap between official and parallel market exchange rates
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Nigeria’s foreign exchange market is once again showing signs of fragmentation, as persistent demand for dollars outside official channels continues to fuel activity in the parallel market.
Checks by Daily Sun revealed that at the start of trading on Monday, the naira exchanged at N1,395 per dollar for buying and N1,400 per dollar for selling in the black market.
Black Market Dollar Rate Jumps to N1,400/$ as Nigeria’s FX
