parallel market – InfoStride News

Naira Experiences Sharp Decline, Drops to N2,000/£1 at Parallel Market

Temitope Nlewemchi — Tue, 20 Feb 2024 23:10:43 +0000

In recent developments, the Nigerian Naira has witnessed a significant depreciation, reaching an exchange rate of N2,000 against the British Pound (£) at the parallel market. This sharp decline underscores the ongoing challenges within Nigeria’s foreign exchange market and raises concerns about the broader implications for the country’s economic stability. Several factors could contribute to [...]

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Parallel Market Exchange Rate Falls to N1,320/$1 as Diaspora Nigerians Depart

Temitope Nlewemchi — Wed, 17 Jan 2024 22:50:00 +0000

The parallel market exchange rate in Nigeria has experienced a decline, reaching N1,320 against the US Dollar. This movement in the exchange rate is reportedly associated with the departure of diaspora Nigerians, and it underscores the influence of various factors on the foreign exchange dynamics in the country. Key Points Regarding the Parallel Market Exchange [...]

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Parallel Market Offers Unique Exchange Rate of N1100

Temitope Nlewemchi — Wed, 18 Oct 2023 23:05:43 +0000

The exchange rate between the Nigerian Naira and the US Dollar experienced a significant decline, reaching as low as N1,100 on the black market, as reported by select forex traders specializing in inflow transactions. Infostride News obtained quotes from these traders, confirming that exchange rates were hovering between N1,100 to N1,110 for inflow transactions. Inflows [...]

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Exchange Rate Soars: Hits N1040 on Parallel Market

Temitope Nlewemchi — Thu, 12 Oct 2023 22:40:53 +0000

The exchange rate dynamics in Nigeria have witnessed a disconcerting trend in recent times, with the naira consistently losing ground against the US dollar. This depreciation has been exacerbated by the persistent disparity between the official and parallel markets. As of the latest reports obtained from InfoStride News, the exchange rate has plunged to N1,040 [...]

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Naira To Steady On Oil-Sector Dollar Flows After Peg Ditched

Ade Adewale — Thu, 23 Jun 2016 19:56:20 +0000

Nigeria’s naira could stabilise next week on increased dollar liquidity from month-end greenback sales by oil companies, while Ghana’s cedi is expected to slip on rising dollar buying. Nigeria’s naira was quoted within the range of 282-284 to the dollar at the interbank market on Thursday, a range it has been trading at since the [...]

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