Dollar Trades For N980/N1000 To $1

The free float of Nigeria’s exchange rate has continued to impact the Naira to more height as the greenback now trades for between N980 and N1000 to $1 in Lagos, Port Harcourt, Abuja and Kano.

The dollar sells higher in Lagos, where it traded for N1000 at the time of filing this report on Thursday. 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 by our correspondent 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 our correspondent 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.