As the trading week commenced, the exchange rate between the Nigerian naira and the U.S. dollar began at N1,200/$1 on peer-to-peer (P2P) platforms.
Traders continued to grapple with mounting demand amid shrinking supply.
Early reports observed initial quotations hovering around N1,200/$1, but by midday, some sellers were pricing at up to N1,210/$1.
In parallel, on the unofficial black market, sources reported that cash transactions were being carried out at N1,200/$1, whereas “inflows,” which pertain to wired transfers, ranged from N1,250 to N1,300.
It’s crucial to note that actual transaction rates may differ, depending on the buyer and seller dynamics.