Panic as Dollar trades for N1000 to $1

The exchange rate between the naira and dollar reportedly quoted for between N980 and N1000 to $1 in Lagos, Port Harcourt, Abuja and Kano on Thursday, September 21.

Leadership reports that in Lagos the dollar is trading for N1000, in Abuja and Port Harcourt, the price of the dollar is N980/$1, while it is selling for N965/$1 in Kano.

Meanwhile, the official rate of the dollar is N768.5/$1. A market survey on Thursday showed that in the black or parallel market, the dollar is gaining more strength against the local currency, despite the government’s promise to crash the price of the dollar to increase the value of the naira.

A currency trader in the Wuse Zone 4 area of Abuja Mallam Abu told the publication that the price of the dollar is expected to appreciate beyond the current level in the coming days.

He said the reason the price is currently hovering around N980 was due to lower demand for the hard currency at the moment.

Leave a Comment