Naira-dollar exchange rate falls to N1,040 in parallel market

In October, the exchange rate between the naira and the dollar dropped to N1,040 in the parallel market.

According to the Nairametrics Report, 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.

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.