The naira to dollar crashed further in the black market exchange window.
The Naira to Dollar exchange rate has once again taken a turn, currently crashing to 1,245 Naira per dollar. This shift comes on the heels of a depreciation episode yesterday when the exchange rate dipped to N1,240 per dollar in the parallel market, down from N1,235 per dollar on Thursday.
Interestingly, a divergent trend emerges when we consider the Naira’s performance in the Nigerian Foreign Exchange Market (NAFEM). Here, the Naira displayed a notable appreciation, reaching N895.23 per dollar.
This development has significantly widened the gap between the official and parallel market exchange rates to N344.77 per dollar, a substantial increase from N199.88 per dollar observed on Thursday.
Dollar to Naira Black Market exchange rate today, January 5, 2024 | dollar to naira today
Data sourced from FMDQ reveals a compelling narrative. The indicative exchange rate for NAFEM saw a decline to N895.23 per dollar from N1,035.12 per dollar on Thursday, signifying an impressive N139.77 appreciation for the Naira within this market.
Ejes Gist News reports that the fluctuations highlight the dynamic nature of the Naira to Dollar exchange rate and the intricacies it presents to both the financial sector and the broader economy.
Investors, businesses, and the general populace keenly observe these movements as they carry implications for trade, investments, and overall economic stability.
Ejes Gist News Nigeria understands that it remains crucial to monitor how these shifts unfold and the potential effects the dollar to the naira may have on the economy.
Despite all efforts by CBN Governor, who was confirmed by the Senate of the Federal Republic of Nigeria, Dr. Olayemi Cardoso, as the 12th Governor of the Central Bank of Nigeria on 26th September 2023, to replace Mr. Godwin Emefiele, has remained fruitless.
