Details emerge as Exchange rate hits N1,210/$1

VAM News Update

THE exchange rate between the naira and dollar opened the week at N1,200/$1 on P2P platforms on Monday as traders continue to face demand pressures amidst dwindling supply.

Checks reveal quotes opened at about N1,200/$1 however as we approached noon sellers quoted as high as N1,210/$1.

Meanwhile on the black market where the exchange rate is sold unofficially, reports reaching this Newspaper indicates quotes are going for N1200/$1 for cash trades and N1,250-N1300 for “inflows” aka wired transfers. It is important to add that actual crossed rates might be higher or lower depending on who is buying or selling.