Dollar hits N860 at parallel market as forex scarcity worsens

The Naira remains under pressure as many Nigerians scramble to acquire dollars for essential expenses, such as tuition, medical care, and import bills.

Naira exchange rate to the Dollar at the parallel opened at N850 per Dollar on Monday morning as forex scarcity worsens. At the official market, it started with N780.96 to a Dollar

This information is kept on the FMDQ Security Exchange, where foreign exchange is officially exchanged. This change is 0.2%.

The “official black market rate,” which was published on abokiFX.com, states that players in the black market bought a dollar for N800 this morning and sold it for N850.

In the Parallel Market, also referred to as the Black Market, Monday’s opening price was $850 per dollar, thus there has been a change of $0.5 since then.

READ ALSO: Naira settles at N768/$1, Pounds sterling hits N1125/£1 at official market

Rates on the black market, often referred to as the parallel market, are collected from a number of sources, including online media sites.

Also, the rate of the British pound was raised in the Bureau De Change window to N1125/£1. The pound increased in value by N34.87 from N1090.13/£1.

The European currency, the euro, was sold at the rate of N976.1/€1 in the parallel market. The previous day, the naira to euro rate was N937.4/€1.

The inability of Nigeria’s central bank to meet the official market demand has driven many towards the black market, causing prices to surge due to unprecedented demand for the Naira’s currency.

Despite the unification of the Naira, the country’s foreign exchange reserves have been declining in recent months, reaching $33.9 billion, the lowest level in two years, last observed in July-August 2021.

The stability of the Naira hinges on various factors, including the country’s monetary and fiscal policies, political stability, security, and investor confidence in the economy.