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The Nigerian currency, the Naira, has been experiencing a significant decline in value against the US dollar since the Central Bank of Nigeria decided to float the Naira.
As a result, the exchange rates in the official market and black market are now very close, closer than they have been in years.
The Naira closed at nearly the same rate across the Investors and Exporters window, the Peer-to-Peer market, and the black market on Monday, June 19, 2023.
Data from FMDQ securities shows that the Naira against the US dollar closed at N770.38/$1 at the I&E segment, representing a 16.2 percent or N107.34 loss of its value compared to the closing rate of N663.04/$1 achieved on Friday, June 16, 2023.
During trading on Monday, the Naira exchanged for as high as N799 to a dollar, indicating that it is only a matter of hours before it crosses the N800/$ mark.
The decline in the forex turnover by 74.98 percent or $233.80 million to $78.03 million from the $70.74 million recorded in the preceding trading session has contributed to the Naira’s massive fall.
Despite the decline, the CBN has lifted the dollar cash deposit restrictions on domiciliary accounts, which is expected to enhance liquidity and stability in Nigeria’s foreign exchange market.
This article was updated 1 week ago
