The Nigerian Naira continues to weaken in the face of a free-floating exchange rate, with the US Dollar now trading between N980 and N1000 in major cities including Lagos, Port Harcourt, Abuja, and Kano.
Notably, the highest Dollar rate is recorded in Lagos at N1000, while in Abuja and Port Harcourt, it stands at N980/$1, and in Kano, it’s priced at N965/$1. This is in stark contrast to the official exchange rate of N768.5/$1.
Despite government assurances of stabilizing the Naira’s value, a recent market survey revealed that the Dollar is gaining strength in the parallel or black market.
A currency trader in Abuja anticipates further appreciation of the Dollar’s value in the coming days, attributing the current rate to lower demand for the currency at present.