N1,525/£: Naira crashes against pound at black market despite CBN's plan to clear $10bn backlog

• On Wednesday, October 25, 2023, the naira was sold at its lowest, N1,310/$ in the black market
• The naira also sold against the British Pound and Euro for N1,525/£ and N1,320/€ against the naira
• The figures as of Wednesday morning are the same as when the market closed on Tuesday
• Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

The Nigerian naira has fallen against the dollar as well as the pound and euro in the unofficial market, known as the black market.

This is according to data by Abokifx, an online platform that collates exchange rates, on Wednesday morning, October 25, 2023.

The data shows that naira crashed, selling for N1,310 per dollar while buyers paid N1,290 for one dollar.

Similarly, trading against the British pound (£), the naira fell, selling for N1,525 per pound while buyers paid N1,500 to get one pound. Also, the euro (€) was sold for N1,320 while the buying price reflects N1,310 per euro.

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The amounts traded as of the morning of Wednesday, however, reflect the same amount it closed the day before.

The official market follows suit

Data from the FMDQ revealed that after trading on Tuesday at the NAFEM, the dollar was quoted at N847.77 per naira, down from N793.34 on Monday and N808.27 on Friday.

A bid rate of N900/$ high and N700/$ low was offered and sold by eager buyers and sellers. The official market recorded a daily FX market turnover of $88.10 million on Tuesday, up 8.03 per cent from $81.55 million on Monday and $79.26 million on Friday.

This comes after Nigeria's finance minister, Wale Edun, stated on Monday that the country anticipates receiving up to $10 billion in fresh foreign exchange inflow in the coming weeks to help with the severe dollar shortages in the foreign exchange market.

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"It's a promise": Expect stronger naira as FG moves to crash dollar with $10bn inflows in few weeks

Analysts predicted that if the anticipated $10 billion enters the economy, Nigeria's currency will stabilize shortly.

Naira crashes to above N900 against US dollar on P2P FX market, ABCON blames Binance

Legit.ng reported that the Nigerian currency, the naira, performed poorly at the Peer-2-Peer (P2P) window and in the black foreign exchange markets.

According to data obtained by Legit.ng, the naira on the P2P platform, mainly utilized by cryptocurrency traders, was exchanged at a rate of N903 to a dollar on Tuesday, August 8, 2023.

This signifies a loss in value of N6 or 0.66%, compared to Monday's exchange rate of N897 to a dollar.

Source: Legit.ng