Naira-Dollar exchange rate commences week at N1,210/$1 on black market

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Naira gains ground, trades at N1,025/$ in parallel market
Naira gains ground, trades at N1,025/$ in parallel market

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.