Naira Sinks Deeper, Trades N1,050 To Dollar At Black Market

The naira sunk to its lowest value against the dollar in the Black Market today, Thursday, October 12 trading at N1,050 to the greenback underlying the pressure demands on the dollar.

GWG.ng reports that black market dealers of the dollar are complaining of unavailability of the dollar, a scarcity that was helping to push pressure on the naira.

The problem of the naira in the black market today, Thursday, October 12, 2023 was also being compounded by the unavailability of the dollar in the banks as foreign exchange dealers in the banks were referring their customers to source their foreign exchange needs in the black market.

Meanwhile, the official exchange rate at the I&E window, the official market for the dollar was at N776.8/$1 on Wednesday, October 11 bringing to focus the disconnect between what Nigerians are experiencing outside of official channels.

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

However, in determining the value of the dollar to the naira at the black market as it is today, Thursday, October 12, 2023, one may go beyond the textbook definitions as outlined above.

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