Naira has fallen massively against Dollar on the black market ahead of MPC Meeting.
Newsone reports that the exchange rate between the naira and the US dollar closed at N795.28/$1 at the official Investor and Exporters window on Monday, 17th July 2023.
This compares to N820/$1 traded by BDC operated on the same day at the unofficial I&E Window. The official exchange rate also improved from the N803.9 per dollar that it traded at on Friday.
The local currency opened at ₦825.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 18 July 2023, in Lagos Nigeria, after it closed at ₦820.00 per $1 on Monday, 17 July 2023.
Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
Buying Rate | ₦820 |
Selling Rate | ₦825 |
Even though the dollar to naira opened in the parallel market at ₦825 per $1 today, Newsone reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Meanwhile, Newsone Nigeria reports that the N825/$1 traded at the parallel market today is weaker than the average rate of N815/$1 recorded last Friday, according to Newsonlinw Nigeria survey.
The monetary policy committee of the central bank is expected to meet on Tuesday, July 18, and Wednesday, July 19, 2023, to deliberate on the economy.
I&E FX window – The exchange rate opened at N782.79/$1 and sold for as high as N832/$1.
Parallel market – The Naira-US dollar exchange rate at the unofficial parallel market on Monday depreciated to N820/$1, compared to the average rate of N815/$1 on Friday.
External Reserves: According to the latest data from the Central Bank, the nation’s foreign exchange reserves declined slightly to $34.038 billion as of July 13, 2023, compared to $34.047 billion on the previous day.