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Thursday, December 1, 2022

BREAKING: Naira crashes to all-time record low of N730 per dollar in black market

Naira has fallen to a record low on the black market as was traded at a minimum of N730 per $1 on Thursday, morning, September 29, 2022.

This represents a 0.69% depreciation of the local currency compared to the previous day.

It was gathered that the fall can be attributed to the continuous scarcity of forex and increased demand in the market.

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The fall in the exchange rate is following the move by the apex bank to raise the interest rate to a 20-year high of 15.5%, representing 150 basis points increase from the 14% stated at the previous MPC meeting.

Findings revealed that the rate at N730/$1 is the highest on record, while traders reportedly said that they sell dollars for as high as N735/$1 and buy between N725/$1 and N730/$1.

Meanwhile, Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), had described the parallel market as “a tainted market in Nigeria, where people desire to deal in illegal foreign exchange (FX) transactions including sourcing of FX cash for purposes of offering bribes, corruption. That is where they deal.”

The exchange rate at the official Investors and Exporters window closed at N436.37/$1 on Wednesday, 28th September 2022, a slight depreciation of 0.01% as against N436.33/$1 recorded on Tuesday, 27th September 2022. 

A total of $119.49 million in FX value was traded at the official market on Wednesday, which is 20.17% higher than the $99.43 million that exchanged hands on Tuesday. 

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Nigeria’s currency has been on a free fall as a result of rising strong dollar, import demand, oil theft, fuel subsidies, currency speculation, record high money supply and weak productivity, analysts have said.

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