BREAKING: Exchange rate opens week at N1,380 at parallel market

The exchange rate between the Naira and the Dollar is being quoted as high as N1,380/$1 at the parallel market, a weakening from the N1,280/$1 recorded over the weekend.

This information was shared by operators who spoke to Nairametrics.

The exchange rate strengthened toward the weekend from a month-to-date high of over N1,450/$1 following the sale of forex to BDC operators by the CBN.

However, operators suggest that a demand surge on Monday forced the Naira to take another hit in early hours trading.

Meanwhile, the official exchange rate also weakened to N1,339/$1 on Friday, the lowest in a month, as demand pressures continue to mount.

This is a developing story…