Naira stable, exchanges for N740/$ at parallel market amid diaspora dollar inflow
As of today, Wednesday, January 4, Naira remained stable against the US dollar at the parallel market (black market) for the past week, trading at an average of N740/$1, the same as recorded on Tuesday.
This is according to information from black market traders who spoke to Newsflash Nigeria.
Currency traders are known as Bureaux De Change operators (BDCs) in the Ikeja area of Lagos, with the buying rate of the greenback at N740 and the selling price at N745 per dollar on Tuesday, January 2023.
Checks by Newsflash Nigeria showed that N740 is the same rate the naira traded with the greenback currency last week.
The BDC merchants put the buying price of the dollar at N740 and the selling price at N745, leaving a profit margin of N5.
They attributed the naira’s stability to moderation in demand amid an increased supply of dollars from Nigerians in the diaspora who visited the country during the festive season.
“I can say that demand for dollars is just average. People have been bringing a lot of dollars to sell and collect naira,” Mr Muhammad, a currency dealer at Alade Market in Ikeja, Lagos, said.
Meanwhile, the Naira gained 0.11 per cent to close at N461/$ at the investors’ and exporters’ (I&E) forex window on Tuesday, according to data published by FMDQ, a platform where FX is officially traded.
The data also showed that forex worth $153.45 million was transacted among market dealers.
The Central Bank of Nigeria (CBN) has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the naira.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N740
Selling Rate N745
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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