- The naira continued its downward fall on Thursday, October 27, 2022, exceeding expectations
- At the parallel market, also known as the black market, the naira fell to N767 to a dollar
- At the official window, the naira traded for N441.67 while the external reserves remained at $37.52 billion
Despite plans to redesign the naira, which the CBN said would strengthen its value, it has continued its freefall at the parallel market, known as the black market.
The naira fell to N765 to a dollar on Thursday, October 27, 2022, from N760 recorded on Wednesday, October 26, 2022.
External reserves depleting
Reports gathered from the black market operators indicate that the naira depreciated by 0.99 per cent to trade at a minimum of N783 to a dollar on Thursday morning from N756 traded at the same time on Wednesday, October 26, 2022.
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The Investors and Exporters window recorded the naira exchanging for N441.67 to a dollar on Wednesday, October 26, 2022.
Foreign exchange volume at the Importers and Exporter Window stood at N8.04 million on Wednesday, representing an increase of 2.05 per cent compared to the $79.42 million it traded on Tuesday.
Nigeria's external reserves remained at $37.52 billion as of October 25, 2022, representing a decline of 0.10 per cent compared to $37.56 billion recorded the day before.
At the NAFEX window, the naira closed at N441.67 to a dollar on Wednesday, October 26, 2022, remaining the same as the day before.
Exchange rate goes gaga in the black market, confuses traders
Legit.ng reported that parallel market operators in Nigeria are in confusion as the Naira has continued to depreciate against the US dollar.
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The fall of Nigeria’s currency, the Naira, has increased uncertainty among traders as they find it hard to determine the actual exchange rate.
Exchange rate confusion in Nigeria’s black market, where the Naira is trading without official and government regulation, usually creates opportunities for some and creating losses for those without knowledge of the optimum price. The Naira has fallen by about N190 per dollar to date from an average of N565 per dollar on December 2021 and currently trading at N750 per dollar, depending on the area and the trader.