![Naira-Dollar Exchange Rate Falls To N1,040 In Parallel Market](https://mmsplusng.com/wp-content/uploads/2018/10/c8ed1457-us-dollars-nigerian-naira-696x385-e1538980152537.jpg)
The exchange rate between the naira and the dollar has dropped to N1,040 in the parallel market.
The ongoing trend of demand surpassing supply seems to be a contributing factor. Forex traders report inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity, Nairametrics reports Wednesday night.
![](https://mmsplusng.com/wp-content/uploads/2024/04/IMG_20240421_082637-e1713684477263.jpg)
Despite this, the official trade rate remains at N776.8/$1, highlighting a notable disparity between the experiences of Nigerians in official and unofficial channels.