Naira’s black market exchange rate hits N1,180 per dollar as gap widens
Naira Declines to N1,180/$ (Black Market)
The Nigerian naira saw a decline in the parallel market, often referred to as the black market. The exchange rate slipped from N1,170 per dollar on Wednesday to N1,180 per dollar.
Naira in Nigerian Foreign Exchange Market (NAFEM)
Naira Appreciates to N793.28/$
In contrast, the naira showed signs of improvement in the Nigerian Foreign Exchange Market (NAFEM). It strengthened to an exchange rate of N793.28 per dollar (Bank/CBN exchange rate), marking a positive shift.
I&E Window Indicative Rate
Indicative Rate Increases to N793.28/$
Data from FMDQ revealed an increase in the indicative exchange rate for the Investors’ and Exporters’ (I&E) window. It rose to N793.28 per dollar, up from N786.02 per dollar the previous day, representing a depreciation of N7.26 for the naira.
| Market | Exchange Rate (Naira to Dollar) | Change from Previous Day |
|---|---|---|
| Parallel Market (Black Market) | N1,180 | Depreciated from N1,170 |
| Nigerian Foreign Exchange Market (NAFEM) | N793.28 | Appreciated from N786.02 |
| Gap Between Official and Parallel Market Rates | Widened to N386.72 per dollar | Increased from N334.68 per dollar |
Please note that exchange rates can be highly volatile and subject to rapid changes.
Volume of Dollars Traded
Trade Volume Surges by 28%
The volume of dollars traded in the NAFEM also exhibited growth, with a notable 28% increase. Trading activity amounted to $136.11 million, compared to the previous day’s $105.98 million.
Official vs. Parallel Market
Widening Gap in Exchange Rates
The divergence between the official and parallel market exchange rates expanded further. It increased to N386.72 per dollar, up from N334.68 per dollar on Wednesday, signifying a notable difference between the two markets.
