BREAKING: Naira Exchange to N910/$1, disparity widens to N153/$1

The exchange rate between the naira and dollar plummeted to as low as N915/$1 on the parallel market.

Operators who spoke to Nairametrics quoted rates as high as N915/$1 on Wednesday as they continue to cite higher demand as the main reason.

The naira has now weakened by 4.39% in the first 9 days of August on the parallel market. The exchange rate weakened by 11.5% in the whole of July 2023.

Nairametrics reported on Tuesday that the exchange rate had crossed N900/$1 for the first time, an all-time low. However, higher demands have continued to pile pressure on the exchange rate as bidders are made to bid higher.

Quotes for the British Pounds and Euro also rose to as high as N1,171 and N972 to the dollar all gaining against the dollar.

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