BREAKING: Exchange rate quotes spike to N860/$1 on black market

The exchange rate between the naira and dollar is being quoted for as high as N860/$1 on the black market.

This is according to information gathered from some BDC operators who attribute the depreciation to increased demand. They also suggest the dollar is facing a “demand onslaught.”

The exchange rate for “inflow” which represents forex sold via bank transfers even quote higher than N860/$1.