Nigeria's currency crisis worsens as it falls to #1,040 per dollar

In the parallel market, Nigeria's currency, the Naira, dropped to N1,040 per dollar as supply surpassed demand.A report by a Nigerian business news publication, Nairametrics indicates that quotes for inflow range between N1035-N1045 to the dollar suggesting this was due to increased scarcity, based on what Forex traders had told the publication The official exchange rate, which is N776.8 to $1, emphasizes the disparity between what Nigerians are experiencing within and outside of official channels. In September, the benchmark exchange rate of N1000 to $1 was broken in the parallel market where unauthorized currency is transacted. Some analysts believed this to be a temporary adjustment.