Nigerian currency continued its free fall both on the official and black foreign exchange markets
At the unofficial window, the value of the naira hit another new low while the official window returned to above N800
The federal government has promised to help the naira recover and has introduced several new forex policies
Naira’s poor performance on the foreign exchange market continued at the Central Bank of Nigeria’s official window and the black market.
Data obtained from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM) official window, the value of the naira closed at N837.49 against the US dollar on Thursday, October 26, 2023.
This is a 4.94% depreciation compared to the exchange rate of N798.01, a dollar quoted the previous day.
Naira came under pressure despite a slight improvement in dollar supply in the NAFEM forex market.
Data shows that $113.22 million trades were executed in the market on Thursday, compared to the midweek session of $100.18 million.
The federal government has promised that more dollars will be supplied into the market in the next few weeks to clear up all the backlogs of forex demands affecting the naira.
The dollar exchange rate at the black market
It was the same story at the two unofficial forex markets; the parallel, also known as the black market as naira, is no longer N1,200.
The Cable reports that aureau de Change operators sold one dollar at the black market t N1,315 on Thursday, October 26, higher than the N1,260/$1 exchanged on Wednesday.
However, there was a remarkable improvement in the P2P section, mainly used by fintech.
Data shows one dollar was exchanged at N1,020, compared to the previous day’s exchange rate of N1,253/$1.
CBN identifies banks’ roles in naira free fall, moves to crash dollar
Legit.ng reported that there is hope on the horizon for the naira against the US dollar at the foreign exchange markets
The CBN has set its eyes on banks and black market traders as it moves to help the naira recovers
The apex bank has also identified some of the reasons the naira is depreciating and efforts to sanction defaulters....CONTINUE.FULL.READING>>>