Already, the exchange rate between the naira and the US dollar (Naira to dollar exchange) for Wednesday, August 26th 2020, stood at ₦477/US$1 in the parallel market. According to a parallel market operator in Ibadan, “The commencement of international flights may signal a good omen for the naira as those coming into the country will bring in dollar and other foreign currencies. “This may further pressure parallel market rates in the interim amid the never-ending speculative attacks on the local unit,” the United Capital’s analysts feared. Also, the exchange rate at the parallel market between the naira and the European euro stood at ₦552/€1 on Wednesday, 26th August 2020. «In the absence of exceptions to key players, the parallel market is likely to witness further pressure.

Source: Nigerian Tribune August 27, 2020 06:16 UTC