Naira Slumps To N900/$ In Black Market As New Concerns Over Arbitrage Arise

Nigeria’s currency, the naira on Tuesday, August 8, 2023 hit a new low against the dollar as it traded for N900/$ in the parallel market also known as the black market.

The new low GWG.ng reports is upon the continued shortage of the greenback in the market with demand continuing to outstrip supply from all channels.

The new low is despite the fact that at the official Investor and Exporter Window, the exchange rate closed at N774.78/$1 while the NAFEX rate was N776 giving more concerns about arbitrage that President Bola Tinubu sought to address just a month ago when the Central Bank collapsed the official market.

According to news sources, supply into the official market has also been constrained with daily turnover reportedly averaging $80 million since July.

GWG.ng, however, reports that the N900/$ quoted at the parallel or black market was mostly for inflows which consists of trades done through bank transfers.

The dollar was, however, trading at a premium of N895/$ at the black market on August 8, 2023 more than N100 it traded for the dollar when the President Bola Tinubu moved to abolish the official naira market for forex.

GWG.ng reports that since then that the value of the dollar at the I$E window and the parallel market has continued to widen bringing concern among stakeholders that the initial move to close the gap is losing track.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG