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The exchange rate gap between the official rate and the parallel market in Nigeria is widening, causing President Bola Tinubu’s plan to unify the exchange rate to fall apart.
On July 19, 2023, the Nigerian currency, the naira, fell to N860 per dollar on the parallel market, representing a 4.2% drop compared to the previous day.
This depreciation value highlights the growing gap between the official and black market rates, contradicting the government’s efforts to unify the rates.
Since the unification of exchange rate windows in June, the naira has experienced volatility and fluctuations.
The high demand for foreign currencies in the black market is attributed to a recent Central Bank of Nigeria policy that requires Tax Clearance Certificates from customers before accessing foreign exchange at the official rate.
Street traders are buying and selling the dollar at N840 and N860 per dollar, respectively.
Nigeria began its FX rate unification journey in June 2023, collapsing all Forex windows into the Investors and Exporters window and allowing market forces to determine the price.
This article was updated 10 months ago
