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Home Markets Currencies

Naira Hits All Time Low, Now N253 @ Black Market

Nairametrics by Nairametrics
December 5, 2015
in Currencies
Widening Gap Between Interbank, BDC Rates: Forex Dealers Express Concern
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Nigeria’s exchange rate crisis went from bad to worse after black market rates crashed to an all time low of N253 on Friday. The gap between the official CBN rate of N198 and the Black Market rate of 253 is now a whopping N55 by far the highest spread since the days of Sanni Abacha.

The exchange rate used by Nigeria’s money-changers weakened below 250 naira per dollar for the first time on Friday as pressure builds on the central bank to devalue the local currency and allow businesses more access to foreign-exchange.

The CBN has largely ignored the parallel market in its quest to drive away speculators and control the demand for the dollars in the country. Critics complain that the controls put in place by the CBN have been counterproductive as it has all but stifled foreign investments into the country and widen the gap between the dollar and naira. The CBN on the other hand believes the parallel market cannot be the determinant of the real value of the naira.

RelatedPosts

EFCC battles black market to boost naira, local currency gains N60 to $1 within a week

Naira falls to N700/$1 at black market

It is currently impossible to estimate the demand and supply of dollars at the black market however industry sources reveal the CBN has over $4billion in unmet official dollar demands.

 

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