Dollar to naira: Exchange rate hits N602/$1 in P2P market

Dollar To Naira Exchange Rate has hit N602/$1 in P2P Market.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar closed at N418.25/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the official window grew slightly stronger against the US dollar on Tuesday to close at N418.25/$1 from N419/$1 recorded in the previous trading session. Also, forex liquidity at the market surged significantly by 341.3% to $234.54 million from $53.15 million traded on Monday.

On the other hand, the naira fell further against the US dollar on Wednesday morning at the peer-to-peer market, trading at a minimum of N602/$1 compared to N600/$1 recorded as of the same time the previous day.

Meanwhile, the exchange rate at the parallel market remained stable at N590 to a dollar. This is according to information obtained from BDCs operating in Nigeria.