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Naira Fall to US Dollar Continues at Official Market, Worst in Black Market
Money

Naira Fall to US Dollar Continues at Official Market, Worst in Black Market

by  Dave Ibemere 2 min read
  • Naira's poor performance against the US dollar continued at the foreign exchange market on Thursday
  • Data shows Naira once again lost more of its value at official market and the two black markets
  • It has been days since the new CBN management team was confirmed by the Nigerian Senate and there are no changes yet

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Nigerian currency depreciated further value against the US Dollar across all foreign exchange market on Thursday, October 5, 2023.

This happened amid continued worrying supply woes and no clear direction from the Central Bank of Nigeria (CBN) new management team.

Naira to dollar exchange rate
The new CBN team is yet to introduce any new FX policy. Photo credit: Presidency
Source: Facebook

Legit.ng the new CBN Governor, Mr Yemi Cardoso and four other deputy governors were confirmed by the Senate.

Since they assumed office, there has been no policy direction from the CBN, especially in the area of forex supply, and the market continues to react.

Read also

Naira appreciates by 2.3% against US dollar as CBN ends forex ban on 43 items

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Naira to dollar exchange rate

Data from FMDQ securities showed that on Thursday at the Investors and Exporter window, the official market, naira closed at N775.20 against the US dollar.

This represents a 2.51% drop in value compared to N756.21/$1 it traded on Wednesday, October 4, 2023.

While at the Peer to Peer section mostly used by crypto traders and fintech, the Nigerian currency declined against the American currency on Thursday to sell at N1,009/$1 versus the previous day’s N1,005/$1.

Similarly, the naira lost more value against the US Dollar in the parallel market on Thursday.

Check shows that the naira against the dollar was quoted at N1,001/$1 on Thursday, the same rate as Wednesday's N1,000/$1.

For the Pound Sterling, CBN is reporting that the value of Naira closed at N927.40/£1 versus N904.75/£1.

Read also

Naira weakens to N1,045 per dollar as CBN fails to meet demand over low external reserve

While against the Euro, it shrank by N17.95 to sell at N801.81/€1 compared with Tuesday’s rate of N783.86/€1.

World Bank lists naira among worst-performing African currencies in 2023

Meanwhile, in another report, Legit.ng revealed that the Nigerian currency, the Naira, has been ranked as one of Africa's worst-performing currencies

In the new report, the World Bank also provided reasons why the Naira is performing poorly against the dollar.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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