“No More N990/$”: Naira Fall Continues Against US Dollar at Official Market, Worse in Black Markets
- Nigerian currency continues its depreciation against the US dollar against the US Dollar in both the official and black market
- This happened due to a slight increase in the demand for dollars by individuals who want to travel either for business or tourism
- The CBN is expected to have its meeting next week and hopefully give a direction to forex market
Naira is starting the new week on a negative note after losing more value against the dollar at both the official and black market foreign exchange markets.
Data from FMDQ securities shows that the naira at the investors and exporters window, which is the official market, closed trade at N773.54 to a dollar exchange rate.
Source: Getty Images
Monday's closing rate at the I&E window represents a depreciation of 31.69% when compared to Friday's rate of N741.85/$ from Friday, October 6, 2023.
The rate also means that the Naira reversed its gains earned on Friday after improving from N775.20 quoted on Thursday, according to data from the FMDQ.
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Naira to dollar exchange rate at black market
It was the same story at the parallel market, popularly called the black market, as the Naira lost more value after relative ease.
AbokiFX reports that one dollar was sold for N1,008 on Monday, as against N990 on Friday last week.
This represents a 1.30 per cent fall against the dollar.
Also, at the Peer to Peer market, the rates mostly used by Fintech companies show the naira exchanged to the dollar on Monday sold at N1,017.2 a dollar.
Naira against Pounds, Dollar
For the Pound Sterling, the CBN (Central Bank of Nigeria) reported that the value of the Naira at the interbank market closed at N927.40/£1 on Monday. The Euro was being sold at N806.20/€1.
However, street traders offered different rates. Nigerians looking to travel to the UK would have to pay N1,260/£1, while those heading to European countries would pay N1,050/€1 for the Euro.
Pastor Adeboye predicts Naira's glorious days will return
In an earlier report by Legit.ng, the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, predicted that the Naira would bounce back against the dollar.
Adeboye gave this prediction during his church's monthly Thanksgiving service with the theme; 'Uncommon Miracles' on Sunday, September 3, 2023.
He told his congregation not to worry, assuring them that the Naira's glorious days would return.
Source: Legit.ng
