Dollar to Naira exchange rate has spiraled out of control, see the new exchange rate below.
CityNews reports that the dollar to naira exchange rate has spiraled out of control as it has crashed to N1,040 at the parallel market as demand continues to outpace supply on a frequent basis.
This Nigeria news platform understands that forex traders in Lagos and FCT indicate quotes for inflow range between N1035-N1045 to the dollar suggesting this was due to increased scarcity.
Meanwhile, the official exchange rate continues to trade at N776.8/$1 highlighting the disconnect between what Nigerians are experiencing outside of official channels.
CityNews reports that the exchange rate on the parallel market also known as the black market or unofficial market where forex is sold unofficially broke the N1000/$1 benchmark in September in what some analysts thought was temporary.
Meanwhile, the exchange rate disparity between the official and parallel market rates is now around 26% or N265/$1.
A heavy buyer of forex who spoke to Newsonline Nigeria on the condition of anonymity, opines the situation is now worse because nobody seems to be able to purchase forex even at the official window.
Meanwhile, Newsonline Nigeria understands banks have close to $20 billion in foreign currency swaps held by the central bank. This is in addition to the $8 billion thought to be outstanding as trapped funds.
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