The exchange rate between the Nigeria’s naira and dollar has tumbled to about N1,670 per the United States dollar (N1,670/$1) on the parallel market on Monday, according to QUICK LOAN ARENA investigations.
As at today Monday December 23rd, 2024, the naira is exchanging at 1 USD to 1,670 NGN at the parallel market, popularly called black market. Willing buyers reported buying the US dollar for N1,660 and selling for N1,670. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos and Abuja and other media sources, leaving a N10 profit margin.
On Friday, the exchange rate recorded was N1,660 per US dollar and N1,650 on Thursday.
Also in the official foreign exchange market, the Naira lost a significant value to exchange at N1,542 per dollar at the close of business on Friday December 20th, 2024.
Data published by the Nigeria apex bank the CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) rose to N1542 per dollar from N1,540 per dollar on Thursday, indicating N2 depreciation for the naira.
Also data obtained from the Financial Markets Dealers Quotation (FMDQ) revealed that the exchange rate rose to N1,541.68 per dollar from N1,541.38 per dollar on Thursday, indicating 30 kobo depreciation for the naira.
This has resulted to a widening gap between the parallel market popularly called the black market and NFEM window rate as it the difference increased to N118 per dollar from N110 per dollar on Thursday.
On week by week comparison, the Naira on Monday December 16th has earlier appreciated to N1,660 per dollar in the parallel market, improving slightly from N1,662 per dollar recorded in the previous weekend.
In contrast in the same period, the daily Nigerian Foreign Exchange Market (NFEM) report published by the Central Bank of Nigeria (CBN) revealed that the currency depreciated in the official foreign exchange market, with the exchange rate falling to N1,550 per dollar from N1,540 per dollar, marking a N10 decline.
