A report by a Nigerian business news publication, Nairametrics indicates that quotes for inflow range between N1035-N1045 to the dollar suggesting this was due to increased scarcity, based on what Forex traders had told the publication
In the parallel market, Nigeria’s currency, the Naira, dropped to N1,040 per dollar as supply surpassed demand.
In September, the benchmark exchange rate of N1000 to $1 was broken in the parallel market where unauthorized currency is transacted. Some analysts believed this to be a temporary adjustment.
