Dollar goes off market sells above n370
It seems like you're referring to the Nigerian currency, Naira, and the US dollar. If the dollar is going off-market and selling above N370, it means that the parallel market rate (also known as the black market rate) is higher than the official interbank rate.
In Nigeria, the official exchange rate is managed by the Central Bank of Nigeria (CBN), and it's usually lower than the parallel market rate. The parallel market rate is determined by supply and demand forces in the market, and it can fluctuate significantly depending on various factors such as global economic conditions, oil prices, and political events.
When the dollar sells above N370 on the parallel market, it means that the demand for dollars is high, and the supply is limited. This can be due to various factors such as:
- Increased demand for foreign exchange: This could be due to a surge in imports, foreign investment, or remittances.
- Limited supply of foreign exchange: The CBN might be restricting the supply of foreign exchange to the market, leading to a shortage.
- Speculation: Some market participants might be speculating that the dollar will continue to appreciate, leading to a surge in demand and a higher parallel market rate.
It's essential to note that the parallel market rate is not always a reliable indicator of the true value of the currency. The official exchange rate is usually considered a more reliable indicator of the currency's value, as it's managed by the CBN to maintain economic stability.
If you're looking to exchange currency, it's essential to consider both the official and parallel market rates to get a better understanding of the market conditions. However, it's always recommended to use authorized dealers and avoid dealing with unlicensed operators to ensure the safety of your funds.