Uchendu Alexis
Reports of the exchange rate between the Nigerian naira and the U.S. dollar hitting N980 to N1000 to $1 have stirred panic in Lagos, Port Harcourt, Abuja, and Kano as of Thursday, September 21.
According to reports, the dollar is trading at N1000 in Lagos, while in Abuja and Port Harcourt, it’s priced at N980/$1. In Kano, the exchange rate stands at N965/$1. In stark contrast, the official exchange rate remains at N768.5/$1.
A recent market survey indicates that the dollar is gaining significant strength against the local currency on the black or parallel market, despite the government’s promises to stabilize the dollar’s price and boost the naira’s value.
Mallam Rahama Nasir, a currency trader in the Wuse Zone 4 area of Abuja, revealed that the price of the dollar is expected to appreciate even further in the coming days. He explained that the current rate of around N980 is attributed to lower demand for the U.S. currency at this moment.
This sharp increase in the exchange rate raises concerns about the impact on the local economy and highlights the need for measures to stabilize the foreign exchange market.
