VAM News Update
THE exchange rate between the naira and the dollar fell to N1,040, N1,045 at the parallel market as demand continues to outpace supply on a frequent basis.
Forex traders who spoke to Journalist indicate quotes for inflow range between N1035-N1045 to the dollar suggesting this was due to increased scarcity.
Meanwhile, the official exchange rate continues to trade at N776.8/$1 highlighting the disconnect between what Nigerians are experiencing outside of official channels.
As citizens navigate the maze of varying rates, the consequences for the wider economy remain uncertain.
This situation continues to evolve, and the disparity between official and parallel market rates raises questions about the sustainability of the current exchange rate policy on the mind of the citizens.
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