Exchange rate climbs up to N485 at black market

Adebayo Obajemu

The exchange rate between the Naira and Dollar was conducted as high as N485/$1 as scarcity of Dollars affected the parallel market.

When Business Hallmark contacted a measure of traders, they explained that forex has been scarce which is now resulting in price volatility.
Part of the reason may be the ongoing festivities, as Muslims are currently enjoying a two day Sallah Holiday.

While some traders sell for N475/$1, others sell for as high as N490/$1. Wired transfers trade is as high as N490/$1, according to our findings.

The exchange rate at AbokiFX a site that tracks exchange rate prices quotes the parallel market rate at N475/$1 if you wish to buy.