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.
- Sports15 hours ago
Daniel Anjorin’s GoFundMe campaign soars past the £100,000
- Top Stories18 hours ago
Why Biden decided to speak out about the campus protests after days of silence
- Top Stories15 hours ago
I want to start fellowship group – Toke Makinwa
- News17 hours ago
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 4th May 2024
- Politics19 hours ago
Nigerian Army recruitment: How to apply
- Entertainment11 hours ago
AFRIMA Hosting Rights: African Union Writes Nigeria, South Africa
- News18 hours ago
Sacked EKEDC MD, Tinuade Sanda Embroiled in Fake Certificate Scandal
- Top Stories19 hours ago
NERC Unbundles TCN, Establishes New System Operator