The Nigerian Naira continues its downward spiral against the US Dollar in the parallel market.
According to reports by Nairametrics, the Naira is now being exchanged at a rate of N1,040 to one US Dollar in the parallel market.
The report stated that the ongoing trend of demand surpassing supply seems to be a contributing factor and forex traders have been reporting inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity.
The official trade rate remains at N776.8/$1, highlighting a notable disparity between the experiences of Nigerians in official and unofficial channels.
