HomeBusinessNigeria’s Black Market Dollar Rate Now ₦1,740/$ As Demand Rises

Nigeria’s Black Market Dollar Rate Now ₦1,740/$ As Demand Rises

Published on


KEY POINTS


  • The local currency has continued to struggle in the realm of foreign exchange beyond the BDCAA the Naira today shed more value to close at ₦1,740/$ in parallel market.
  • Official NAFEM rate goes down to ₦1,678.87/$.
  • Volumes based on the dollar leaps 473% to $1.4 billion.

The Nigerian currency has declined further to ₦1,740 per dollar in the parallel market from ₦1,725 it was the previous trading session.

In the NAFEM, the local currency depreciated to ₦1,678.87 per dollar from a previous rate of ₦ 1,639.50 per dollar. This is equivalent to a depreciation of ₦49.37.

Increased dollar trading volume

Furthermore, FMDQ data show that dollar trading turnover has surged by 473% to $1.4 billion from $244.96 million the previous day. This is the highest trading volume in years implying a possible increase in the demand for the dollar.

The spread between the parallel market and NAFEM rates now stands at ₦61.13, it was ₦85.50 some time back. It is also suggested that this convergence may mark some market responses to the new conditions of the dollar supply and demand.

The devaluation of naira in both markets further depicts an enduring test in Nigeria’s exchange rate courses.

In this case the active increase in turnover shows that it is difficult to maintain the stability of the currency when the demand for it is changing.

Latest articles

Insecurity Hampers Nigeria’s Economic Development Across Key Sectors

Insecurity disrupts Nigeria's economic development, weakening key sectors like agriculture, oil, and foreign investment, and requires multi-level solutions.

Wike Says PDP Ticket Unlikely for Atiku in 2027, Criticizes Party Leadership

Wike dismisses Atiku’s 2027 bid, citing past failures, PDP’s internal divisions, and leadership hurdles ahead of elections

Nigeria’s October oil output figures create rift between OPEC, FG

October oil production figures differ from OPEC and Nigeria’s Federal Government.

New Guidelines On Organ Transplant To Be Released by December

New organ transplant guidelines out of Nigeria ensure ethical donor protection.The Nigeria organ transplant guidelines

More like this

Insecurity Hampers Nigeria’s Economic Development Across Key Sectors

Insecurity disrupts Nigeria's economic development, weakening key sectors like agriculture, oil, and foreign investment, and requires multi-level solutions.

Wike Says PDP Ticket Unlikely for Atiku in 2027, Criticizes Party Leadership

Wike dismisses Atiku’s 2027 bid, citing past failures, PDP’s internal divisions, and leadership hurdles ahead of elections

Nigeria’s October oil output figures create rift between OPEC, FG

October oil production figures differ from OPEC and Nigeria’s Federal Government.