Naira Hits N1135 Against the Dollar in Black Market
Friday 10 November 2023
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In recent forex trading, the Nigerian Naira has faced a further decline, reaching N1135 against the US Dollar in the black market. This drop raises concerns about the currency's stability and its potential impact on the economy.
As reported on Friday, November 10, 2023, players in the Lagos Parallel Market are buying a dollar for N1125 and selling at N1135. It's crucial to note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to conduct forex transactions through official banking channels.
The official CBN rates for the day indicate a buying rate of 964.25 Naira per Dollar and a selling rate of 965.25 Naira per Dollar. However, real-world rates may vary due to market fluctuations. CONTINUE READING..........
Recent data from the FMDQ market reveals a concerning trend as the Naira exchanged at N874.71 per US Dollar on Wednesday, November 8, representing a significant decline from the previous day's rate of N809.2 per US Dollar.
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In the parallel market on the same day, the Naira reportedly traded at N1,110 per US Dollar, slightly higher than the rate observed the day before. A Bureau de Change operator in Zone 4 Abuja, Dayyau Mistila, confirmed that Nigerians purchased Dollars at a rate of N1,100 on Wednesday. CONTINUE READING........
As the situation unfolds, it is crucial for individuals and businesses to stay informed about these currency fluctuations. The depreciation of the Naira can impact the cost of imported goods and overall economic stability. It's advisable to monitor official channels for the latest updates on exchange rates and follow guidelines provided by regulatory authorities.
Stay tuned for further developments in the forex market as they unfold.
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