The exchange rate between the naira and dollar closed a tumultuous week quoting for as high as N955/$1 on the black market.
This is according to quotes for the dollar from key forex traders across Lagos and Abuja.
The exchange rate opened the week at N895/$1 before it fell to N900/$1 on the 9th of August, the lowest in recorded history. The exchange rate has now depreciated by 8% month to date as demand continues to outstrip supply.
Key exchange rates: Asides from the dollar the exchange rate between the Euro and the UK Pound also weakened.
- Dollar N955/$1
- Pounds N1,180/£1
- Euro N1,025/EUR1
But as the parallel market rates continue to weaken, the official rates closed the week higher at N740.6/$1 after closing at N743/$1 on August 4th.
The disparity between the official and parallel market rates has now widened to N210/$1 suggesting that the official market may be at odds with reality.
The intra-day high and low were also N799.9/$1 and N738/$1 respectively also a huge disparity from the black market.
