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Naira Drops to N1,050/$1 in Black Market Today

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline, News
Reading Time: 2 mins read
Naira Drops to N1,050/$1 in Black Market Today
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Naira Drops to N1,050/$1 in Black Market Today

Introduction

  • The Nigerian naira experiences a significant decline in value against the US dollar.
  • On the street market, the exchange rate has reached N1,050 for one US dollar.
  • This drop indicates the weakening of the naira, driven by increased demand for the US dollar.
  • The article explores the reasons behind this shift and its implications on the Nigerian economy.

Rising Demand for US Dollars

  • People are showing a strong preference for purchasing US dollars, causing a surge in demand.
  • The limited availability of US dollars in the market has led to increased competition among buyers.
  • As a result, the price of the US dollar has surged, with a range of N1,035 to N1,045 for one dollar.
  • This shortage of US dollars has made it more challenging for individuals to acquire foreign currency.

Disrupted Banking Channels

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  • Banks have reportedly ceased selling foreign currency and are instead encouraging customers to deposit more funds into their accounts.
  • The black market has emerged as a primary source for individuals seeking foreign currency.
  • The divergence between the official exchange rate (N776.8 for one dollar) and the street rate has grown substantially.

Government’s Struggle to Stabilize

  • The naira’s value had briefly fallen below N1,000 for one dollar on the street market, giving rise to optimism of recovery.
  • However, the Nigerian government has encountered difficulties in increasing the country’s foreign exchange reserves.
  • This struggle to secure an adequate supply of US dollars has contributed to the naira’s ongoing depreciation.

Digital Currency Impact

  • The popularity of digital currencies has grown, with rates approaching N1,040 for one dollar.
  • Various online platforms offer exchange rates close to N1,022 and N1,017 for one US dollar.
  • This development highlights the growing influence of digital currencies in the Nigerian financial landscape.

Continuing Discrepancy

  • The discrepancy between the official exchange rate and the street rate is currently at 26%.
  • Previously, this difference was around 38.6%, indicating a shrinking value of the naira.
  • Without significant changes, the street exchange rate could potentially reach N1,200 for one dollar, aligning with the historical difference.

Central Bank’s Efforts

  • The Central Bank of Nigeria has been actively involved in mitigating the issue.
  • Their efforts include injecting over US$6 billion into the foreign exchange market to ensure adequate liquidity and stabilize prices.
  • Transactions have been conducted with various entities, including banks and small businesses, with the aim of maintaining market stability.

Conclusion

  • The naira’s decline to N1,050/$1 in the black market reflects a growing demand for US dollars and limited availability.
  • The substantial gap between official and street rates signals a potential continued depreciation.
  • The Central Bank’s interventions aim to address these challenges and stabilize the market, but the situation remains complex and requires ongoing attention.
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