Categories: Exchange Rates Top Stories

Naira loses more value against US dollar at official, black markets

Advertisement
Advertisement

Naira lost more value against the US dollar at the official and Black market.

 

NewsOnline Nigeria reports that the Nigerian Naira’s ongoing battle against the US Dollar has persisted, with the nation’s currency experiencing a further decline in value across all foreign exchange markets on Thursday, October 5, 2023.

 

This disheartening trend has been characterized by supply shortages and a lack of clear guidance from the new management team at the Central Bank of Nigeria (CBN), even weeks after their confirmation by the Nigerian Senate.

 

ALSO: Black Market Dollar To Naira Today, 6th October 2023 In Lagos & Abuja

 

Despite the confirmation of Mr. Yemi Cardoso and four other deputy governors, the CBN’s new leadership has yet to articulate a clear policy direction, particularly regarding forex supply. This absence of strategic direction has left the market in a state of uncertainty and has fueled reactions within the forex market.

Naira’s Exchange Rate Decline

Data from FMDQ Securities revealed significant declines in the Naira’s exchange rate against the US Dollar in various market segments:

  1. Investors and Exporter Window (Official Market): The Naira closed at N775.20 against the US Dollar at this market segment. This represents a substantial 2.51% drop in value compared to the previous trading day when it was valued at N756.21/$1 (Wednesday, October 4, 2023).
  2. Peer to Peer Section: Typically frequented by cryptocurrency traders and fintech platforms, the Naira depreciated against the US Dollar on Thursday, reaching N1,009/$1, compared to the previous day’s rate of N1,005/$1.
  3. Parallel Market: The Naira’s value also eroded further against the US Dollar in the parallel market, with an exchange rate of N1,001/$1 on Thursday, echoing Wednesday’s rate of N1,000/$1.

Impact on Other Currencies

The struggles of the Naira are not limited to its exchange rate against the US Dollar. In addition:

  • Pound Sterling: The CBN reported that the Naira closed at N927.40/£1, compared to the previous rate of N904.75/£1, indicating a depreciation against the Pound.
  • Euro: The Naira’s value diminished by N17.95 against the Euro, with an exchange rate of N801.81/€1 on Thursday, contrasting with the previous rate of N783.86/€1.

 

These developments underscore the challenges facing Nigeria’s foreign exchange market and the broader economy. The lack of clarity and policy direction from the CBN, coupled with supply issues, continues to exert downward pressure on the Naira’s value, impacting businesses, investors, and ordinary citizens alike. Observers and stakeholders will be closely monitoring the situation, hoping for stability and a path toward economic recovery in the near future.

Advertisement
NewsOnline Nigeria

Recent Posts

  • Crime Watch

BREAKING: Popular Catholic Priest Kidnapped In South East (PHOTOS)

A popular Catholic Priest has been kidnapped in the South East.   NewsOnline Nigeria reports…

10 hours ago
  • Top Stories

UK Conservative Party Leader Kemi Badenoch Snubs Tinubu Government

UK Conservative Party Leader Kemi Badenoch has reportedly snubbed the Tinubu Government.   NewsOnline Nigeria…

10 hours ago
  • Economy And Business
  • Headline

BREAKING: Dangote, Marketers Fight Dirty Over Plots To Monopolize Oil Sector

Dangote and marketers fight dirty over alleged plots to monopolize the oil sector.   NewsOnline…

10 hours ago
  • Exchange Rates

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 7th November 2024

The black market dollar to Naira exchange rate on Thursday 7th November 2024 can be…

10 hours ago
  • Economy And Business
  • Headline

BREAKING: Father Mbaka Breaks Silence Over Famine, High Cost Of Living

Father Mbaka has reacted to the famine and high living costs in Nigeria.   NewsOnline…

10 hours ago
  • Headline
  • World

BREAKING: President Trump Vows To Carry Out Largest Deportation In History

President Trump has vowed to carry out the largest deportation in history from his first…

10 hours ago