Dollar tumbles on parallel market sells at n501 from n525

It seems like you're referring to the current exchange rate of the US Dollar (USD) on the parallel market in Nigeria.

According to your statement, the USD is selling at N501 per dollar, which is a significant depreciation from its previous rate of N525 per dollar.

Here's a breakdown of the situation:

• The official exchange rate in Nigeria is managed by the Central Bank of Nigeria (CBN), which fixes the rate at around N360-370 per dollar.
• The parallel market, also known as the black market, is where individuals and businesses trade currencies outside of the official exchange rate. This market is often driven by supply and demand, and the rates can fluctuate rapidly.
• In this case, the USD is selling at N501 per dollar on the parallel market, which is a significant depreciation from its previous rate of N525 per dollar.

This depreciation could be attributed to various factors, such as:

• Increased demand for dollars due to importation and other economic activities
• Reduced supply of dollars due to decreased foreign exchange earnings
• Market sentiment and speculation
• Political and economic uncertainty

It's essential to note that the parallel market rate can be volatile and may not reflect the official exchange rate. Additionally, trading on the parallel market carries risks, including the possibility of losses due to market fluctuations.

If you're considering exchanging currency, it's crucial to stay informed about the current rates and market conditions to make informed decisions.