Business and Brands
Breaking: FOREX: Naira Crashes To N955/$ After A Volatile Week
The exchange rate between the naira and dollar closed a tumultuous week quoting for as high as N955/$1 on the black market.
This is according to quotes for the dollar from key forex traders across Lagos and Abuja.
The exchange rate opened the week at N895/$1 before it fell to N900/$1 on the 9th of August, the lowest in recorded history. The exchange rate has now depreciated by 8% month to date as demand continues to outstrip supply.
Key exchange rates: Asides from the dollar the exchange rate between the Euro and the UK Pound also weakened.
- Dollar N955/$1
- Pounds N1,180/£1
- Euro N1,025/EUR1
But as the parallel market rates continue to weaken, the official rates closed the week higher at N740.6/$1 after closing at N743/$1 on August 4th.
The disparity between the official and parallel market rates has now widened to N210/$1 suggesting that the official market may be at odds with reality.
The intra-day high and low were also N799.9/$1 and N738/$1 respectively also a huge disparity from the black market.
In related news, the Central Bank of Nigeria (CBN), attributed the crash of the naira against the dollar and its inability to manage the foreign exchange market to the diversion of diaspora remittances to the unofficial markets like the parallel.
This was made known by the acting Governor of CBN, Folashodun Shonubi while delivering a Distinguished Personality lecture titled; “Diaspora Remittances and Nigeria Economic Development” for members of the Executive Intelligence Management Course (EIMC) 16 at the National Institute for Security Studies, Abuja.
Shonubi explained that many diaspora remittances came to Nigeria in dollars and were not documented officially, as they end up in the parallel market.
- Politics21 hours ago
Ohanaeze Ndigbo Speaks On What Simon Ekpa’s Arrest Means For Igbo Nation
- Top Stories21 hours ago
2023 Presidential Poll Not Rigged – Okupe To Peter Obi
- Top Stories7 hours ago
2027: “No vacancy for non-indigenes in Alausa” – Lagos youths tell Seyi Tinubu
- Top Stories7 hours ago
“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President
- News21 hours ago
Senate Approves Tinubu’s $2.2bn Loan Request
- Politics7 hours ago
‘Don’t Waste Your Time Again In 2027’: Bode George Begs Atiku (Video)
- News7 hours ago
My husband assaulted me, ruined my career – Olajumoke Onibread
- Top Stories7 hours ago
National Assembly Passes Bill For Life Imprisonment For Drug Traffickers