On the 6th of November, 2023, the black market, often referred to as the parallel market, witnessed fluctuations in the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN). According to sources at Bureau De Change (BDC), the buying rate for one US Dollar was recorded at N1070, while the selling rate stood at N1080 in Lagos.
It is important to clarify that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. Instead, the CBN directs individuals to approach their respective banks for forex dealings. Nevertheless, the parallel market rates continue to provide valuable insights into market sentiment and the performance of the Naira against foreign currencies.
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Recent developments point towards the CBN taking proactive measures to address the persistent issue of forex backlogs faced by banks and airlines. These backlogs have been a longstanding challenge, causing disruptions and uncertainties in the forex market.
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Banks operating in Nigeria have reported that the central bank is actively working to clear these backlogs. This development is expected to bring much-needed relief to banks and financial institutions contending with delays in accessing foreign exchange. The clearance of these backlogs represents a positive step towards achieving stability in the forex market.
Airlines, too, have seen progress in the clearance of their forex backlogs. While the precise source of this supply used for clearing these backlogs remains uncertain, it is important to note that the government had previously announced plans to inject $10 billion into the system. Such interventions are designed to address the challenges airlines face in obtaining the necessary foreign exchange for their operations.
A recent report from Stanbic IBTC provides further support to the information about the clearing of forex backlogs. The report states, "Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to be ascertained." This action by the central bank aims to streamline forex supply and distribution, ensuring that the backlog is addressed efficiently.
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These recent developments highlight the CBN's dedication to stabilizing the forex market and addressing the challenges faced by both financial institutions and airlines. While the parallel market rates continue to exist, the central bank's actions are aimed at mitigating the impact of forex backlogs and maintaining a more stable exchange rate.
In conclusion, the exchange rate between the Naira and the US Dollar is a topic of significant economic importance in Nigeria. The recent actions taken by the Central Bank of Nigeria to address forex backlogs represent a positive step towards improving the country's forex market stability. These efforts have the potential to positively impact businesses, individuals, and the overall economic landscape in Nigeria.
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