The exchange rate between the naira and the dollar has dropped to N1,040 in the parallel market.
The ongoing trend of demand surpassing supply seems to be a contributing factor. Forex traders report inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity, Nairametrics reports Wednesday night.
Despite this, the official trade rate remains at N776.8/$1, highlighting a notable disparity between the experiences of Nigerians in official and unofficial channels.