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Currencies

Exchange rate remains flat, currency traders resume operations after curfew is relaxed

At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N463/$1 on Monday.

Published

1 month ago

on

Naira stabilizes at black market as CBN continues its intervention in forex market

Nigeria’s exchange rate at the NAFEX window continued to remain stable against the dollar to close at N386/$1 during intraday trading on Monday, October 26.

Also, the naira maintained its stability against the dollar, closing at N463/$1 at the parallel market on Monday, October 26, 2020, as currency traders resume business activities after state governments relaxed the curfew initially imposed to curtail the widespread violence that followed the hijacked #EndSARS protests.

READ: Naira maintains stability in forex markets, dollar supply improves despite curfew

This is also as businesses shut down due to the outbreak of violence in Lagos and some parts of the country during the protests against the special anti-robbery unit (SARS) and police brutality by the Nigerian youth.

Explore Data on the Nairametrics Research Website

GTBank 728 x 90

Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N463/$1 on Monday. This was the same rate that it exchanged for on Friday, October 23.

READ: Exchange rate maintains stability as BDCs expect another dollar supply from CBN

  • The local currency had strengthened by about 7.8% within the one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $500 million to BDCs since they resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
  • The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
  • Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

READ: Naira maintains stability at forex markets as dollar supply rise by 57%

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NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N386/$1.

  • This was the same rate that it exchanged for on Friday, October 23.
  • The opening indicative rate was N386.29 to a dollar on Monday. This represents a 29 kobo drop when compared to the N386 that was recorded on Friday.
  • The N393.11 to a dollar is the highest rate during intraday trading before it closed at N386 to a dollar. It also sold for as low as N382/$1 during intraday trading.

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined significantly by 81.14% on Monday, October 26, 2020.

  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $197.42 million on Friday, October 23, 2020, to $37.23 million on Monday, October 26, 2020.
  • The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The drop in dollar supply after the previous trading day’s huge increase, reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • As part of the measure to check forex abuse and check illegal transactions, the CBN last month directed the freezing of accounts of about 38 companies.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic.

Related Topics:

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Currencies

Naira devalued, now N390/$1 as black market (wired) hits N503/$1

Nairametrics can confirm that the exchange rate between the naira and dollar has depreciated to N390/$1.

Published

7 hours ago

on

November 27, 2020

By

Naira stabilizes at black market as CBN continues its intervention in forex market

Nairametrics can confirm that the exchange rate between the naira and dollar has depreciated to N390/$1 at the FMDQOTC NAFEX market, an official market where the exchange rate is traded.

We first observed the depreciation in our daily market survey on Thursday, November 26th when it traded at N390/$1. The rate remained the same today confirming that it is not a one-off. The exchange rate closed at N390.25/$1 on Friday after trading at a high price of N400.37 and a low price of N383/$1. The exchange rate at the NAFEX market has traded between  N383 and N385 per dollar respectively.

CBN Devalues

A recent circular seen by Nairametrics, also suggests the CBN has devalued the exchange rate between the dollar and naira sold to the BDC’s to N390/$1. The circular also mandates the BDCs to sell to potential buyers at N392/$1. The volume of sales for each market is $10,000 per BDC.

See excerpt of the circular:

Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30th to Friday, December 14, 2020, is as follows.

GTBank 728 x 90

I. IMTSOs to banks – N388/1USD

II. Banks to CBN –  N399/1USD

III. CBN to BDCs – N390/1USD

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IV. BDCs to end-users Not more than N392/1USD

V.  Volumes of sale for each market is USD10,000.00 per BDC

The circular seen by Nairametrics was signed by Dr. O.S. Nnaji, Director of Trade and Exchange at the CBN, and dated November 30th, 2020. We also understand the CBN intervened in the market today at a spot price of N393.37/$1 while its 150 days forward rates moved to N399.37 in a bid to clear backlogs.  Nairametrics estimated pent-up demand could be between $2 billion and $3.5 billion.

What you should know

Last August, the CBN devalued the naira after issuing a circular authorizing dealers instructing them to sell forex to end-users at N386/$1. It was the first time the CBN will be selling forex to BDC traders since it stopped on March 27th as the country faced an imminent lockdown. Since then, the exchange rate at the black market has gone from N395/$1 on March 27, 2020, to N495/$1 as of November 27, 2020, exactly 8months later.

  • The exchange rate at the parallel market (black market) fell to N495/$1 on Friday closing the week at the weakest price since 2017. Wired transfers done outside of the official system closed as high as N503/$1 according to Nairalytics monitored, the research arm of Nairametrics.
  • Just recently, Nairametrics learned that there are limitations to the transfer of forex from domiciliary in Nigeria to accounts in the US. However, it appears there are no restrictions to domiciliary accounts that received inflows attributed to foreign-related income earned doing business or wired inflows.
  • Foreign investors appear to have also found new routes of moving to repatriate their forex out of Nigeria. Some purchase shares of companies that are dual-listed and then sell them on the London Stock Exchange. We understand this may have contributed to the rise in the value of Seplat and New Gold ETF, two stocks that are dual-listed. Airtel, also listed in the UK,  experienced a similar bump in prices.
  • Oil prices rose on Friday as Brent Crude prices traded at $47.9. The CBN needs oil prices to go above $50 if it wants to continue with the controversial policy of defending the exchange rate.

Local Demand Pressure

Nigeria’s exchange rate situation has entered a precarious era of uncertainty with demand coming from all corners. According to Nairalytics research, Nigerians looking to take advantage of last-minute Black Friday deals in the US have also contributed significantly to the demand pressure. Holidaymakers are also sourcing for forex ahead of the Christmas holiday as they anticipate more devaluations.

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Nairalytics research also indicates some of the demand is coming from business with local forex obligations such as servicing dollar-denominated debts, expatriate staff, luxury items, imported items without local substitutes, etc.

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Currencies

Daily Parallel Market Exchange Rate – ₦490/$1

The US dollar closed at ₦490/US$1 in the parallel market.

Published

14 hours ago

on

November 27, 2020

By

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Friday, November 27th 2020), closed at ₦490/US$1 in the parallel market. The rate had closed at ₦480/US$1 on Thursday, November 26th 2020.

  • Naira: ₦490
  • Dollar: $1
  • Date: November 27th, 2020

The exchange rate between the naira and the British pound sterling closed at ₦620/₤1 on Friday,  November 27th 2020. The rate had closed at ₦605/₤1 on Thursday, November 26th 2020.

  • Naira: ₦620
  • Pounds Sterling: ₤1
  • Date: November 27th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦570/€1 on Friday November 27th 2020. The rate had closed at ₦560/€1 on Thursday, November 26th 2020.

  • Naira: ₦570
  • Euro: €1
  • Date: November 27th, 2020

Activity: US Dollar closed at ₦490/US$1 in the parallel market

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
11/27/2020Dollar485490485490Low
11/27/2020Pounds615620615620Low
11/27/2020Euro565570565570Low
11/26/2020Dollar475480475480Low
11/26/2020Pounds600605600605Low
11/26/2020Euro555560555560Low
11/25/2020Dollar475480475480Low
11/25/2020Pounds600605600605Low
11/25/2020Euro555560555560Low
11/24/2020Dollar475480475480Low
11/24/2020Pounds600605600605Low
11/24/2020Euro555560555560Low
11/23/2020Dollar475480475480Low
11/23/2020Pounds600605600605Low
11/23/2020Euro555560555560Low
11/20/2020Dollar465470465470Low
11/20/2020Pounds600605600605Low
11/20/2020Euro555560555560Low
11/19/2020Dollar465470465470Low
11/19/2020Pounds600605600605Low
11/19/2020Euro555560555560Low
11/18/2020Dollar465470465470Low
11/18/2020Pounds600605600605Low
11/18/2020Euro555560555560Low
11/17/2020Dollar465470465470Low
11/17/2020Pounds600605600605Low
11/17/2020Euro555560555560Low
11/16/2020Dollar455460455460Low
11/16/2020Pounds585590585590Low
11/16/2020Euro535540535540Low
11/13/2020Dollar455460455460Low
11/13/2020Pounds585590585590Low
11/13/2020Euro535540535540Low
11/12/2020Dollar455460455460Low
11/12/2020Pounds585590585590Low
11/12/2020Euro535540535540Low
11/11/2020Dollar455460455460Low
11/11/2020Pounds585590585590Low
11/11/2020Euro535540535540Low
11/10/2020Dollar457462457462Low
11/10/2020Pounds583587583587Low
11/10/2020Euro535540535540Low
11/09/2020Dollar457462457462Low
11/09/2020Pounds585590585590Low
11/09/2020Euro535540535540Low
11/06/2020Dollar457462457462Low
11/06/2020Pounds585590585590Low
11/06/2020Euro535540535540Low
11/05/2020Dollar457462457462Low
11/05/2020Pounds585590585590Low
11/05/2020Euro535540535540Low
11/04/2020Dollar457462457462Low
11/04/2020Pounds585590585590Low
11/04/2020Euro535540535540Low
11/03/2020Dollar457462457462Low
11/03/2020Pounds585590585590Low
11/03/2020Euro535540535540Low
11/02/2020Dollar457460457460Low
11/02/2020Pounds585590585590Low
11/02/2020Euro530535530535Low
10/30/2020Dollar457460457460Low
10/30/2020Pounds585590585590Low
10/30/2020Euro530535530535Low
10/29/2020Dollar457460457460Low
10/29/2020Pounds585590585590Low
10/29/2020Euro530535530535Low
10/28/2020Dollar457460457460Low
10/28/2020Pounds585590585590Low
10/28/2020Euro530535530535Low
10/27/2020Dollar457461457461Low
10/27/2020Pounds585590585590Low
10/27/2020Euro535540535540Low
10/26/2020Dollar457461457461Low
10/26/2020Pounds585590585590Low
10/26/2020Euro535540535540Low
10/23/2020Dollar457461457461Low
10/23/2020Pounds585590585590Low
10/23/2020Euro535540535540Low
10/22/2020Dollar457461457461Low
10/22/2020Pounds585590585590Low
10/22/2020Euro535540535540Low
10/21/2020Dollar456460456460Low
10/21/2020Pounds582593582593Low
10/21/2020Euro535540535540Low
10/20/2020Dollar456460456460Low
10/20/2020Pounds582593582593Low
10/20/2020Euro535540535540Low
10/19/2020Dollar455460455460Low
10/19/2020Pounds583592583592Low
10/19/2020Euro530535530535Low
10/16/2020Dollar455460455460Low
10/16/2020Pounds583592583592Low
10/16/2020Euro530535530535Low
10/15/2020Dollar455460455460Low
10/15/2020Pounds583592583592Low
10/15/2020Euro530535530535Low
10/14/2020Dollar455460455460Low
10/14/2020Pounds585590585590Low
10/14/2020Euro530535530535Low
10/13/2020Dollar453458455460Low
10/13/2020Pounds585590585590Low
10/13/2020Euro530535530535Low
10/12/2020Dollar452458452458Low
10/12/2020Pounds580585580585Low
10/12/2020Euro530535530535Low
10/09/2020Dollar452457452457Low
10/09/2020Pounds585590585590Low
10/09/2020Euro535540535540Low
10/08/2020Dollar452457452457Low
10/08/2020Pounds585590585590Low
10/08/2020Euro535540535540Low
10/07/2020Dollar452457452457Low
10/07/2020Pounds585590585590Low
10/07/2020Euro535540535540Low
10/06/2020Dollar452457452457Low
10/06/2020Pounds580585580585Low
10/06/2020Euro535540535540Low
10/05/2020Dollar452455452455Low
10/05/2020Pounds570580570580Low
10/05/2020Euro540545540545Low
10/02/2020Dollar460465460465Low
10/02/2020Pounds575585575585Low
10/02/2020Euro530540530540Low
10/01/2020Dollar460465460465Low
10/01/2020Pounds575585575585Low
10/01/2020Euro530540530540Low
9/30/2020Dollar460465460465Low
9/30/2020Pounds570580570580Low
9/30/2020Euro530535530535Low
9/29/2020Dollar460465460465Low
9/29/2020Pounds565575570580Low
9/29/2020Euro530535530535Low
9/28/2020Dollar460465460465Low
9/28/2020Pounds565570565570Low
9/28/2020Euro530535530535Low
9/25/2020Dollar460465460465Low
9/25/2020Pounds565575565575Low
9/25/2020Euro535540535540Low
9/24/2020Dollar460465460465Low
9/24/2020Pounds565570565570Low
9/24/2020Euro535540535540Low
9/23/2020Dollar455460455460Low
9/23/2020Pounds580585580585Low
9/23/2020Euro535540535540Low
9/22/2020Dollar455460455460Low
9/22/2020Pounds575585575580Low
9/22/2020Euro530535530535Low
9/21/2020Dollar453455450455Low
9/21/2020Pounds565570565570Low
9/21/2020Euro525530525530Low
9/18/2020Dollar450460450460Low
9/18/2020Pounds575595575595Low
9/18/2020Euro535540535540Low
9/17/2020Dollar455460455460Low
9/17/2020Pounds570580570580Low
9/17/2020Euro530535530535Low
9/16/2020Dollar450460450460Low
9/16/2020Pounds565570565570Low
9/16/2020Euro525530525530Low
9/15/2020Dollar450460450460Low
9/15/2020Pounds565570565570Low
9/15/2020Euro525530525530Low
9/14/2020Dollar445455445455Low
9/14/2020Pounds560575560575Low
9/14/2020Euro515525515525Low
09/11/2020Dollar450455450455Low
09/11/2020Pounds555565555565Low
09/11/2020Euro525530525530Low
09/10/2020Dollar455460455460Low
09/10/2020Pounds545560545560Low
09/10/2020Euro525530525530Low
09/09/2020Dollar430440430440Low
09/09/2020Pounds540555540555Low
09/09/2020Euro500510500510Low
09/08/2020Dollar435440435440Low
09/08/2020Pounds540550540550Low
09/08/2020Euro505515505515Low
09/07/2020Dollar435440435440Low
09/07/2020Pounds525530525530Low
09/07/2020Euro505515505515Low
09/04/2020Dollar425440425440Low
09/04/2020Pounds560580560580Low
09/04/2020Euro505515505515Low
09/03/2020Dollar425440425440Low
09/03/2020Pounds560580560580Low
09/03/2020Euro520535505515High
09/02/2020Dollar425440425440Low
09/02/2020Pounds570580560580Low
09/02/2020Euro535540520535Low
09/01/2020Dollar462465435440High
09/01/2020Pounds565575570580Low
09/01/2020Euro535540535540Low
8/31/2020Dollar463470460465High
8/31/2020Pounds585595580590Low
8/31/2020Euro540545540545Low
8/28/2020Dollar472477472477Low
8/28/2020Pounds580595580595Low
8/28/2020Euro545552545552Low
8/27/2020Dollar472477472477Low
8/27/2020Pounds580590580590Low
8/27/2020Euro542552542552Low
8/26/2020Dollar472477472477Low
8/26/2020Pounds580590580590Low
8/26/2020Euro542552542552Low
8/25/2020Dollar472477472477Low
8/25/2020Pounds575585575585Low
8/25/2020Euro542552542552Low
8/24/2020Dollar473477473477Low
8/24/2020Pounds580590580590Low
8/24/2020Euro542550542550Low
8/21/2020Dollar474477474477Low
8/21/2020Pounds575585575585Low
8/21/2020Euro545550545550Low
8/20/2020Dollar475478473477Low
8/20/2020Pounds575585575585Low
8/20/2020Euro540550540550Low
8/19/2020Dollar475480475480Low
8/19/2020Pounds575585575585Low
8/19/2020Euro540550540550Low
8/18/2020Dollar477480477480Low
8/18/2020Pounds575580575580Low
8/18/2020Euro545550545550Low
8/17/2020Dollar470475470475Low
8/17/2020Pounds580590580590Low
8/17/2020Euro525535525535Low
8/14/2020Dollar470475470475Low
8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
8/13/2020Dollar470475470475Low
8/13/2020Pounds570575565575Low
8/13/2020Euro525530520530Low
08/12/2020Dollar470475470475Low
08/12/2020Pounds570575570575Low
08/12/2020Euro520530520530Low
08/11/2020Dollar477485477485Low
08/11/2020Pounds572584572584Low
08/11/2020Euro510523520535Low
08/10/2020Dollar477485477485Low
08/10/2020Pounds572584572584Low
08/10/2020Euro510523520535High
08/07/2020Dollar475486475486Low
08/07/2020Pounds578585578585Low
08/07/2020Euro536550536550Low
08/06/2020Dollar470480475486Low
08/06/2020Pounds575587578585Low
08/06/2020Euro534545536550Low
08/05/2020Dollar465475473483Low
08/05/2020Pounds570580575587Low
08/05/2020Euro525540532545Low
08/04/2020Dollar470480470480Low
08/04/2020Pounds560570560570Low
08/04/2020Euro520530520530Low
08/03/2020Dollar470480470480Low
08/03/2020Pounds560570560570Low
08/03/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
07/10/2020Dollar453460458465Low
07/10/2020Pounds520525550555High
07/10/2020Euro465467510520High
07/09/2020Dollar455461455463Low
07/09/2020Pounds550558550562Low
07/09/2020Euro495504498505Low
07/08/2020Dollar455461455461Low
07/08/2020Pounds550558550558Low
07/08/2020Euro495504495504Low
07/07/2020Dollar455461455461Low
07/07/2020Pounds550558550558Low
07/07/2020Euro495502495502Low
07/06/2020Dollar455462455461Low
07/06/2020Pounds550562547555Low
07/06/2020Euro495502496502Low
07/03/2020Dollar455462454461Low
07/03/2020Pounds548560550560Low
07/03/2020Euro495505495502Low
07/02/2020Dollar455462454461Low
07/02/2020Pounds548560550560Low
07/02/2020Euro495505495502Low
07/01/2020Dollar455462455462Low
07/01/2020Pounds548560548560Low
07/01/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
06/12/2020Dollar440450440450Low
06/12/2020Pounds538550538550Low
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9/17/2019Dollar358360358360Low
9/17/2019Euro394398393397Low
9/16/2019Pounds445450445450Low
9/16/2019Dollar357360357360Low
9/16/2019Euro394400394400Low
9/13/2019Pounds445450445450Low
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09/12/2019Pounds440445445450Low
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09/12/2019Euro393398394398Low
09/11/2019Pounds440446440446Low
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09/11/2019Euro392395392398Low
09/10/2019Pounds437450440446Low
09/10/2019Dollar356360358360Low
09/10/2019Euro388397392395Low
09/09/2019Pounds440444440445Low
09/09/2019Dollar358360358360Low
09/09/2019Euro390396390395Low
09/06/2019Pounds440444440444Low
09/06/2019Dollar358360358360Low
09/06/2019Euro392398390396Low
09/05/2019Pounds440444440444Low
09/05/2019Dollar357360358360Low
09/05/2019Euro392398392397Low
09/04/2019Pounds440443440444Low
09/04/2019Dollar357360358360Low
09/04/2019Euro392398392397Low
09/03/2019Pounds438443438443Low
09/03/2019Dollar357360357360Low
09/03/2019Euro392397392398Low
09/02/2019Pounds437445438443Low
09/02/2019Dollar357360357360Low
09/02/2019Euro391396392397Low
30/08/2019Pounds442448440445Low
30/08/2019Dollar358360358360Low
30/08/2019Euro392398395398Low
29/08/2019Pounds440446442448Low
29/08/2019Dollar358360358360Low
29/08/2019Euro392398392398Low
28/08/2019Pounds444450440445Low
28/08/2019Dollar358360358360Low
28/08/2019Euro392396392398Low
27/08/2019Pounds444450444450Low
27/08/2019Dollar358360358360Low
27/08/2019Euro394400393398Low
26/08/2019Pounds442447443448Low
26/08/2019Dollar358360358360Low
26/08/2019Euro392397393397Low
23/08/2019Pounds440445440445Low
23/08/2019Dollar358360358360Low
23/08/2019Euro390397390397Low
22/08/2019Pounds445450440445Low
22/08/2019Dollar357359358360Low
22/08/2019Euro393398390397Low
21/08/2019Pounds447452445450Low
21/08/2019Dollar358360357359Low
21/08/2019Euro392398393398Low
20/08/2019Pounds450455447452Low
20/08/2019Dollar358360358360Low
20/08/2019Euro395400392398Low
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19/08/2019Euro395400395400Low
16/08/2019Pounds451455450455Low
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16/08/2019Euro397402395400Low
15/08/2019Pounds450455451455Low
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15/08/2019Euro398403397402Low
14/08/2019Pounds450455450455Low
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14/08/2019Euro398403398403Low
09/08/2019Pounds450455450455Low
09/08/2019Dollar357360357360Low
09/08/2019Euro398404398403Low
08/08/2019Pounds450455450455Low
08/08/2019Dollar357360357360Low
08/08/2019Euro398403398404Low
07/08/2019Pounds453458450455Low
07/08/2019Dollar357360357360Low
07/08/2019Euro398403398403Low
06/08/2019Pounds457460452458Low
06/08/2019Dollar358360357360Low
06/08/2019Euro400404400403Low
05/08/2019Pounds458462457461Low
05/08/2019Dollar358360358360Low
05/08/2019Euro400405400405Low
02/08/2019Pounds458462458462Low
02/08/2019Dollar358360358360Low
02/08/2019Euro400405400405Low
01/08/2019Pounds458462458462Low
01/08/2019Dollar358360358360Low
01/08/2019Euro402405402405Low
31/07/2019Pounds458463458463Low
31/07/2019Dollar358360358360Low
31/07/2019Euro403407403407Low
30/07/2019Pounds458463458463Low
30/07/2019Dollar358360358360Low
30/07/2019Euro403407403407Low
29/07/2019Pounds458461458463Low
29/07/2019Dollar358360358360Low
29/07/2019Euro402406403407Low
26/07/2019Pounds459463458461Low
26/07/2019Dollar358361358360Low
26/07/2019Euro403406401405Low
25/07/2019Pounds459463459463Low
25/07/2019Dollar358361358361Low
25/07/2019Euro403407403406Low
24/07/2019Pounds459463459463Low
24/07/2019Dollar358361358361Low
24/07/2019Euro404407403407Low
23/07/2019Pounds460464459463Low
23/07/2019Dollar359361358361Low
23/07/2019Euro406410404407Low
22/07/2019Pounds459463459463Low
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22/07/2019Euro406410406410Low
19/07/2019Pounds459463459463Low
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19/07/2019Pounds406410406410Low
18/07/2019Pounds458462459463Low
18/07/2019Dollar358360358360Low
18/07/2019Euro403407406410Low
17/07/2019Pounds458462458462Low
17/07/2019Dollar358360358360Low
17/07/2019Euro403407403407Low
16/07/2019Pounds460463458462Low
16/07/2019Dollar359361358360Low
16/07/2019Euro405408403407Low
13/07/2019Pounds460464460463Low
13/07/2019Dollar359361359361Low
13/07/2019Euro405410405408Low
12/07/2019Pounds458463460464Low
12/07/2019Dollar359361359361Low
12/07/2019Euro404407405410Low
11/07/2019Pounds458463458462Low
11/07/2019Dollar359362359361Low
11/07/2019Euro402407405410Low
10/07/2019Pounds458463458463Low
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10/07/2019Euro401406402405Low
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09/07/2019Euro401405402405Low
08/07/2019Pounds458463460465Low
08/07/2019Dollar359362359362Low
08/07/2019Euro401405401405Low
05/07/2019Pounds458463458463Low
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05/07/2019Euro401405401405Low
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04/07/2019Dollar359362359362Low
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03/07/2019Pounds458464458463Low
03/07/2019Dollar359361359362Low
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02/07/2019Pounds458462458463Low
02/07/2019Dollar359361359361Low
02/07/2019Euro398402400404Low
01/07/2019Pounds458462458462Low
01/07/2019Dollar358360359361Low
01/07/2019Euro400403398403Low
28/06/2019Pounds457460457462Low
28/06/2019Dollar358360358360Low
28/06/2019Euro398402400403Low
27/06/2019Pounds458462458462Low
27/06/2019Dollar358360358360Low
27/06/2019Euro398402398402Low
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25/06/2019Pounds458464458464Low
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24/06/2019Pounds458464460465Low
24/06/2019Dollar358361359361Low
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21/06/2019Pounds460465458464Low
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20/06/2019Pounds460465468462Low
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14/06/2019Pounds426467426467Low
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11/06/2019Pounds465470467471Low
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07/06/2019Pounds469473467471Low
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31/05/2019Pounds465470470474Low
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28/05/2019Pounds470474470474Low
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27/05/2019Pounds470474470474Low
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24/05/2019Pounds470474470474Low
24/05/2019Dollar358360358360Low
24/05/2019Euro400405400405Low
23/05/2019Pounds470474472475Low
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23/05/2019Euro400405400405Low
22/05/2019Pounds472475472475Low
22/05/2019Dollar358350358360Low
22/05/2019Euro400405400405Low
21/05/2019Pounds472475472473Low
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17/05/2019Pounds472475472475Low
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16/05/2018Euro400404400404Low
15/05/2019Pounds470475470475Low
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15/05/2019Euro400404400404Low
13/05/2019Pounds470475470475Low
13/05/2019Dollar358360358360Low
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10/05/2019Pounds470475470475Low
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09/05/2019Euro400405400405Low
29/04/2019Pounds470475470475Low
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29/04/2019Euro400405400405Low
26/04/2019Pounds470475470475Low
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24/04/2019Pounds470475472476Low
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23/04/2019Pounds474478472476Low
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23/04/2019Euro390402400405Low
22/04/2019Pounds472476472476Low
22/04/2019Dollar357360358360Low
22/04/2019Euro400405400405Low
19/04/2019Pounds467471470475Low
19/04/2019Dollar355360357360Low
19/04/2019Euro395400402406Low
18/04/2019Pounds470475470475Low
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18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Currencies

Dollar Exchange Rate: The demand and supply crossroads

If the supply of dollars from the CBN meets or exceeds the demand for Naira by importers, then the dollar exchange rate weakens in favour of the Naira.

Published

14 hours ago

on

November 27, 2020

By

Why exchange rate disparity remains high despite CBN’s intervention

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele recently mentioned that the “parallel market”, otherwise known as the black market is “only 5% of the total foreign exchange market, it is shallow and cannot be used to determine the true exchange value for the naira.”

This is also not the first time the CBN Governor has attacked the black market. In Abuja, he infamously ‘cut down the trees’ that gave the currency exchangers shade from the sun, to convert dollar cash to Naira. On May 18th, 2018, the CBN Governor also told investors “don’t go to the black market, because you will lose money by buying at a price that is not realistic.”

The CBN’s argument is simple, you cannot use the price discovery on a small market to determine the market price on a larger market. Respectfully, the CBN Governor is wrong.

The black market is small but the market price of exchanging $1 to N480 reflects the demand from all buyers, in contrast with the CBN official rate of N380 at NAFEX, which does not include the item not eligible for CBN forex.

The CBN has maintained an updated list of imports that cannot access the said NAFEX window including, Rice, Cement, Poultry, Meat, Iron rods, Cocoa butter, powder and cakes, amongst others.

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Hence, the CBN bans these importers from accessing forex from NAFEX, essentially calling the market rates “unrealistic”, then the CBN asks importers of staple food like rice to go to the same “unrealistic” market, that according to the CBN Governor “is a tainted market, where people who desire to deal in an illegal exchange of transactions deal.”

How is the price of a commodity or asset determined?

John Locke, a famous philosopher is credited with the first serious description of demand and supply and how it affects prices. In his 1691 letter to the English Parliament, titled: “Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money,” he said the price of any commodity rises or falls by the proportion of the number of buyers and sellers.

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He said, “that which regulates the price of goods of assets is nothing else but their quantity in proportion to their demand.”

He further said, the demand for money is exclusively regulated by its quantity, regardless of whether the demand for money is unlimited or constant. For supply, he explains the value of goods as based on their scarcity and ability to be exchanged and consumed.

Johns Locke’s theories were the basis of Adam Smith’s book  “Wealth of Nations“, in which he laid out the principles of demand and supply. Those theories now form the basis of economics and trade.

In economics, demand and supply intersect and the price is discovered. If there is more demand but supply is constant, price rises; if supply is more, but demand is constant, then price falls.

In effect, if the supply of dollars from the CBN meets or exceeds the demand for Naira by importers, then the dollar exchange rate weakens in favour of the Naira.

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For the CBN exchange rate to reflect the true value of the naira, it must be an inclusive market where all buyers and sellers of foreign exchange can meet and agree on a price.

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The CBN is worried about pass-through inflation, that if rice is imported using the market-determined exchange rate, the importers will simply pass through that exchange rate to local consumers; thus, triggering a rise in prices driven by the exchange rate.

The problem is that it is already happening, food price has been rising based on the data from the Nigerian Bureau of Statistics, caused by higher imported food cost and lower local supply due to banditry in parts of the North East, and has risen from 14.85 in January to 17.38 in October 2020.

The price to exchange one US Dollar to the Nigerian Naira can only be discovered in a free, fair, and transparent market, open to all with the “invisible hand” acting as regulator, no other way.

Follow Kalu Aja on Twitter: @FinPlanKaluAja1

Also check out: https://feeds.captivate.fm/the-way-i-see-it/

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