The parallel market exchange rate for the naira is now N1040.

The depreciation, according to Forex dealers who spoke with Nairametrics, is the result of heightened scarcity, with the influx amounting to between N1035 and N1045.

The official exchange rate, which is at N776.8 to $1, emphasizes the disparity between what Nigerians are experiencing inside and outside of official channels.

According to a frequent foreign exchange buyer who talked with Nairametrics under the condition of anonymity, the issue has gotten worse because no one can appear to buy foreign exchange even at the official window.

“Neither a bank is selling nor is there a dollar at the i&E window. Banks no longer issue letters of credit, thus they now advise you to fund your account. Therefore, everything is currently on the illicit market.

On the peer-to-peer market where the exchange rate is sold via cryptocurrency, buyers and sellers quoted around N1040/$1.

On foreign investment trading platforms like Bamboo and Trove, the exchange rate was quoted at about N1022/$1 and N1017/$1 respectively.