Naira to Dollar Black Market Rates on October 24, 2023
Monday 23 October 2023
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Naira to Dollar Black Market Rates on October 24, 2023
The Naira-to-Dollar exchange rate remains a focal point of interest as the trading week commenced. P2P platforms saw an initial rate of N1,200/$1 on Monday, reflecting the ongoing struggle between strong demand and limited supply. However, as the morning progressed, sellers raised quotes to as much as N1,210/$1.
The unofficial black market painted a more complex picture, with reports indicating cash trades at N1,200/$1 and wired transfers (known as 'inflows') fetching between N1,250 and N1,300. The actual rates could vary based on specific transactions and those involved.
By Tuesday, October 23, 2023, some traders were quoting even higher rates, with inflows at approximately N1,300/$1 and cash transactions at N1,240. P2P platforms closed the day at roughly N1,220/$1. CONTINUE READING.....
While the black market rates depreciated, official rates saw some improvement, closing at N793.34/$1 compared to the previous week's N808/$1. Intraday rates ranged from N788.49/$1 to a high of N900/$1, with a market turnover of $81.55 million.
During a panel session at the Nigeria Economic Summit, Mr. Wale Edun, the Minister of Finance and Coordinator of the Economy, provided insights into efforts to stabilize the foreign exchange market and enhance liquidity. He expressed optimism, suggesting that around $10 billion in forex inflows is expected in the near future, potentially within weeks rather than months. These anticipated inflows stem from factors like increased production, reduced spending, forward sales, and discussions with sovereign wealth funds willing to invest and provide advanced support. CONTINUE READING.....
The Naira-Dollar exchange rate's fluid dynamics continue to influence Nigeria's economic landscape. As traders and policymakers navigate this ever-changing landscape, the prospect of increased stability and liquidity remains on the horizon.
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