Exchange: N1100 rate on parallel market

According to merchants who sell forex per influx, the black market saw a decline in the value of the naira against the dollar to N1,100.

Nairametrics received quotes this morning for inflow between N1,100 and N1,110 from a select group of dealers. Forex trades that are bought or sold over the wires are known as inflows.

Nigeria’s currency rate issue reached a turning point on Tuesday when the official Nigerian Forex Market saw its lowest-ever exchange rate of N848/$1.

Nairametrics reported on Tuesday that the exchange rate between the naira and dollar devalued to N848/$1 on the official investor and exporter window on October 17th, 2023. It also traded at a record at an intra-day high of N981/$1.