Exchange rate plummets to N910/$1, disparity widens to N153/$1

The exchange rate between the naira and dollar plummeted to as low as N910/$1 on the parallel market.

Operators who spoke yesterday, quoted that the rates as high as N910/$1 on Wednesday as they continue to cite higher demand as the main reason.

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

It was 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.