[ODUNEWS] July 27 – The exchange rate between the Nigeria Naira(₦) and the US dollar($) has fallen to a record low at ₦685.5/$1 in the peer-to-peer (P2P) forex market, findings by ODUNEWS from the cryptocurrency P2P exchange market show.
The dollar which was traded at ₦667/$1 yesterday has now fallen further by 2.8% to ₦685.5/$1, as demand for foreign exchange remains elevated amidst sustained scarcity.
The P2P market often trades in small volumes and the unit of exchange is the cryptocurrency USDT, which is a stablecoin that trades 1:1 with the dollar.
Similarly, Bureau De Change operators sold forex at N665/$1 on Tuesday, indicating continuous nosediving of the local currency.
Meanwhile, in a conversation with a BDC operator at the Lagos International Airport, he stated that he sells dollars for ₦675/$1, while he buys from customers at the rate of ₦665/$1, indicating a ₦10 margin on every dollar.
The exchange rate for “inflows”, a term for dollar transfers from a foreign country into Nigeria or in another account in exchange for naira locally ranges from between ₦665-680 from some of the checks we conducted.
While the exchange rate is experiencing huge volatility and disparity at the unofficial markets, the Investors and Exporters window, where forex is traded official has also seen some level of a downtrend in recent weeks, albeit controlled.
