Naira Slips In Black Market As Traders Lament Dollar Scarcity

The naira was bought in Abuja today, November 20, 2023 at 1143 to the United States dollar still defying efforts by the new monetary authorities to narrow the wide gulf between the official and black markets.

That was a little above the N1136 naira that the US dollar was bought the day before.

Meanwhile, at the same time, the Euro was bought for 1211 and sold at 1192 in the black market on November 20, 2023.

Also, the British Pound was bought for 1405 and sold at 1378 at the same time in the black market.

GWG.ng reports that black market dealers of the dollar are continuing to complain of the 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, November 20, 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.

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, Monday, November 20, 2023 one may go beyond the textbook definitions as outlined above.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG