The Dollar to Naira exchange rate in the black market remained relatively stable today. Traders quoted ₦1380 as the selling rate. The buying rate was quoted at ₦1360.
The marginal gap reflects continued demand pressure for foreign exchange in the parallel market.HeadlineHubs reports that rates published by the Central Bank of Nigeria at the official window showed slight variations. These variations were within the trading band for the day. The CBN recorded a highest rate of #1397 and a lowest rate of #1368 for the Dollar. The difference between the official and black market rates continues to influence forex transactions across import dependent sectors. Market analysts say fluctuations are largely driven by supply constraints. Foreign reserve dynamics also play a significant role. Additionally, demand from businesses and individuals seeking invisible transactions contributes to these fluctuations.
The foreign exchange market is undergoing ongoing reforms. Yet, many Nigerians still rely on the parallel market. This is due to its accessibility and processing speed.
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