Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

Black Market Rates For Dollar, Pound, Euro Drop, As Tinubu Set To Unify Rates

2 mins read

The Naira gained against foreign currencies in the black market on Monday morning during Bola Tinubu’s swearing in ceremony at the Eagles Square, Abuja.

Data obtained from Naira Rates, an aggregator exchange rate platform, showed that the Naira appreciated by 0.5 per cent, 0.6 per cent and 0.66 per cent against Dollar, Pound Sterling and Euro, respectively.

The black market’s exchange rate for the Dollar was N758/$1 earlier, contrasting with the N762.03/$1 it cost to buy the United States Dollar last week Friday. 

Also, the Pound Sterling was trading below the N956.7 kobo reported on Friday, as Monday’s rate was placed at N950.9kobo/£1, indicating the price of the United Kingdom currency fell by N6. 

In the same vein, the value of the Naira rose against the Euro 0.7 per cent, as the both currencies exchanged at N825.9 kobo/€1 in the Bureau De Change window of the parallel market, against the previous rate of N831.4 kobo. 

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The official market told a different story on Friday, as investors and exporters bought the Dollar at N464.51/$1, in contrast with the previous day’s rate of N463.67 kobo. 

At the end of trading in the official market, traders transacted $144.72 million in foreign exchange, which is lower than the $157.56 million forex traded on Thursday. 

According to the data obtained from FMDQ Exchange, the foreign exchange transacted by Investors and exporters fell by $12.84 million or 8.14 per cent. 

The Naira recovered some gains against the foreign currencies as the foreign exchange market awaits Tinubu’s fiscal and monetary policies to strengthen the Naira. 

He promised Nigerians that there will be house cleaning in the monetary policy to unify the multiple exchange rates. 

“Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy,” Tinubu mentioned.

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