Emerging facts on Dollar to Naira Exchange Rate two weeks after CBN banned abokiFX below.
Newsonline had earlier reported that the Nigerian naira on Monday opened the week’s trading at N570 per dollar at the market – as vice president Yemi Osinbajo called for the devaluation of the currency.
This online news platform understands that street traders across forex markets in Lagos quoted the naira at N570 to a dollar.
Since the suspension of trading information by abokiFX, Newsonline Nigeria understands that citizens have resorted to street traders for the current parallel market rates of the local currency.
The Central Bank of Nigeria (CBN) had vowed to go after abokiFX and its founder Oniwinde Adedotun over “illegal foreign exchange transactions”.
The move made abokiFX suspended its daily updates of black market rates.
Yusuf, a currency trader at Eko Hotel, said the rate has been stable for a while now.
“We are selling at N570 and buying a N565. I can give you a discount of N1 if you want to change above $1,000,” Yusuf said.
Another currency trader in Ikeja said the rate has been stable in the last one week.
Speaking at the midterm retreat of President Muhammadu Buhari’s second tenure, vice-president Yemi Osinbajo said the country’s exchange rate is artificially low, and it is deterring investors from bringing foreign exchange into the country.
Osinbajo called on the CBN to allow the naira reflect the realities of the market.
At the official market, the currency dropped to N414.40 at the official side of the market, losing 0.02 percent.
Godwin Emefiele, governor of the CBN, had dismissed insinuations about naira devaluation.
The CBN governor said Nigeria would continue to operate a managed-float exchange regime.
A managed float fx regime is when exchange rates fluctuate daily, but central banks attempt to influence the rate by buying and selling currencies to maintain a specific range.
A total sum of N77.5 million in prize money was won at the end of…
Dubai Racing Club has announced Zoho as an exclusive technology partner. NewsOnline Nigeria reports…
CAC has deleted 80,000 top companies from the database. NewsOnline Nigeria reports that the…
Bode George has warned Atiku Abubakar against contesting the 2027 Presidency. NewsOnline Nigeria reports…
The black market dollar to Naira exchange rate on Friday 22 November 2024 can be…
ACF Chairman has been suspended for blasting President Tinubu's hardship policies. NewsOnline Nigeria reports…