https://thequesttimes.com/naira-hits-new-low-trades-at-1300-n-in-parallel-market/
THE QUEST TIMES
The Nigerian naira is facing a fresh blow as it surpasses N1,300 against the US dollar on the Peer-to-Peer cryptocurrency window. Traders on the parallel market have confirmed that the national currency is approaching the N1,300 mark in this segment.
The Binance platform, a significant player in the cryptocurrency space, also reports the naira trading above N1,300 against the dollar.
Bureau de Change Operators have indicated that this quoted value reflects the current market realities.
A Bureau de Change seller in Abuja remarked that the price has increased to N1,300/$ due to heightened demand.
Despite these figures in the parallel market, the official market has not yet closed. However, reports from the FMDQ OTC Securities Exchange indicated that the naira closed trading at N838.95/$ on Monday. This disparity between the official and parallel market rates underscores the challenges faced by the national currency.
