According to a report by FX traders, the fallen currency is due to the continuous scarcity of forex and increased demand in the market. It is also revealed that dollar is sold for an average of #740 to $1. It is also brought at a maximum of #730 to $1.
The traders explained that the rise in demand and continuous liquidity crunch continues to drive the exchange rate upward in the unofficial market. The price is determined by demand and supply.
In another research done by Nairalytics exchange rate tracker, the rate at #740$1 is the highest on record. This indicates a market differential of #302.97/$1 between the official and parallel markets.
Coming down to cryptocurrency exchange, the exchange rate is #716/$1 against the US dollar on Tuesday morning. The exchange rate was previously #736.8/$1.
Naira: The Trading Market
The exchange rate at the official Investors and Exporters window closed at #437.03/$1 ended September 2022. This is in contrast to what was recorded last week as it crashed from #436.33/$1.