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CBN Governor alleges parallel market used for bribes and corruption

Emefiele has said that the parallel market is a tainted market where illegal foreign exchange transactions take place.

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The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, railed off against the parallel market alleging that it is a tainted market where illegal foreign exchange transactions, which include sourcing of forex cash for purposes of offering bribes and other corrupt activities, take place.

While disclosing that the parallel market is no more than 5% of the forex market, Emefiele said that Nigeria’s official exchange rate should not be determined by the rate in that market where the naira has weakened to a 3-month low.

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This was disclosed by Emefiele, on Tuesday, November 24, 2020, during a virtual briefing in Abuja after the Monetary Policy Committee meeting.

The CBN Governor expressed his disappointment and frustration at the rhetoric of some analysts who say that the parallel market rate of N480/$1 is the exchange rate.

Specta

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What he said

Emefiele, in his briefing, said, “And indeed I heard some analysts talking about the parallel market saying that exchange rate is at N480. I want to say this, that it is unfortunate and really unfair that even analysts who are supposed to know will play with numbers and begin to determine the exchange rate of our currency using parallel market rate.

“For the information of everybody, parallel market as far as we know it and the data that we have, is a shallow market in Nigeria with no more than 5% of market share. Parallel market and quote me is a tainted market in Nigeria, where people who desire to deal in illegal foreign exchange transactions including sourcing of FX cash for purposes of offering bribes, corruption, that is where they deal.

“And that is where people who are supposed to understand the implication of these on the economic activities on our country begin to go to television and begin to say our exchange rate is N480. This very unfortunate,” he added.

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READ: Naira remains stable at the forex market as NAFEX market turnover drop by 59% 

What we know

Whilst forex is obviously a conduit for illegal transactions, it cannot be attributed alone to the parallel market. Illegal transactions disguised as legal also take place in the official market.

Suffice to add that the central bank shares most of the blame in the huge exchange rate disparity between the official and parallel market rates due to some of its policies. For example, there are restrictions on third party transfer of forex from one account to another while importers have limited room to source forex.

READ: Seplat announces exchange rate of N385.78/$1 in payment of its interim dividend

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Forex illiquidity in the official market also means most businesses have no option but to source forex in the parallel market where it cost more. Not doing so means they won’t be able to meet their obligations such as servicing loans in forex, paying suppliers and honouring technical contracts.

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Disparity widens

According to data from abokifx.com, the naira exchange stood at N483/$1 on Tuesday at the parallel market, whereas it closed at N385.50/$1 on Tuesday at the investors and exporters window, according to data from FMDQ. The official CBN rate still remains N379/$1.

The exchange rate disparity keeps widening as demand pressure increases at the parallel market on account of low dollar supply.

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Forex scarcity and some of CBN’s policies like those on export proceeds, barring of third parties from buying forex routed through Form M and others, have seen importers and manufacturers move to the parallel market to meet part of their demands.

Explore Data on the Nairametrics Research Website

 

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]

4 Comments

4 Comments

  1. Sheriff

    November 25, 2020 at 4:08 pm

    Certainly our so called policy makers do not even understand the financial system. We all know the bureaucracy and nepotism involved in sourcing for foreign exchange in Nigeria.

    However, the current exchange rate in the parallel market is a true reflection of how low our Naira has crashed.

    It’s common sense: take the oil sector for an example where we generate about 80% of our revenue in foreign exchange. But now the sum we generate from thesame sector has dropped. Then what does the law of demand and supply says…

  2. 9jaRealist

    November 26, 2020 at 12:09 am

    The CBN Gov is yarning RUBBISH!

    A free market is characterised by free exchange among buyers and sellers, and (for better or worse) the so-called parallel market for forex in Nigeria is the closest approximation to a free market.

    • Jo

      November 26, 2020 at 2:38 pm

      If the CBN governor is serious then why the black market?

  3. Salami

    December 2, 2020 at 6:56 am

    He has no sense…even most banks operate at the parallel market rate, when you want to make international payment.

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Currencies

Naira remains stable across forex markets as external reserve continues to rise

The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.67/$1.

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Naira, Exchange rate falls across forex markets as dollar liquidity remains low

On January 15, 2021, the exchange rate between the naira and the dollar remained stable to close at N394.67/$1 at the NAFEX (I&E Window) where forex is traded officially.

This is exactly the same rate that was recorded the previous trading day, 14 January 2021.

Also, the exchange rate at the black market where forex traded unofficially maintained stability at N475/$1. The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 14, 2021.

This is as Nigeria’s external reserve continues to experience a steady rise.

The exchange rate disparity between the parallel market and the official market is about N80.33, representing a 16.9% devaluation differential.

Specta

NAFEX

The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.67/$1, the same rate that it closed on the previous trading day.

  • The opening indicative rate was N393.12 to a dollar on Friday, representing a 44 kobo drop when compared to the N392.68 that was recorded on Thursday, January 14, 2021.
  • The N414.76 to a dollar was the highest rate during intra-day trading before it closed at N394.67 to a dollar. It also sold for as low as N389/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window declined by 81.3% on Friday, January 15, 2021.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $215.63 million on Thursday, January 14, 2021, to $40.31 million on Friday, January 15, 2021.
  • 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.
  • 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.

Oil price steady rise

Brent crude oil price is currently at $54.88 per barrel on Monday, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021.

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  • Nigeria’s crude oil price benchmark for 2020 was $40 while it projected an oil production output of 1.8 million barrels per day.
  • Nigeria has a production capacity of 2.5 million barrels per day but is subject to OPEC’s crude oil production cuts, which are expected to help sustain higher oil prices.
  • The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020.
  • This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position.

Nigeria rising external reserves

  • The external reserve is about 5% off the $38.2 billion held as at this time last year.
  • Nigeria needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns.
  • Nigeria is also close to obtaining a World Bank $1.5 billion facility which will boost external reserves when it is disbursed.
  • Nairametrics understands that the central bank might be required to devalue further and relax some of its capital controls if it is to receive the funds from the world bank.

Continue Reading

Currencies

Daily Parallel Market Exchange Rate – ₦470/$1

The US dollar closed at ₦470/US$1 in the parallel market

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Friday, January 15th 2021), closed at 470/US$1 in the parallel market. The rate had also closed at 470/US$1 on Thursday, January 14th 2021.

  • Naira:470
  • Dollar: $1
  • Date: January 15th, 2021

The exchange rate between the naira and the British pound sterling closed at ₦625/₤1 on Friday, January 15th 2021. The rate had also closed at ₦625/₤1 on Thursday, January 14th 2021.

  • Naira: ₦625
  • Pounds Sterling: ₤1
  • Date: January 15th, 2021

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦570/€1 on Friday, January 15th 2021. The rate had also closed at ₦570/€1 on Thursday, January 14th 2021.

  • Naira: ₦570
  • Euro: €1
  • Date: January 15th, 2021

Activity: US Dollar closed at 470/US$1 in the parallel market

Specta

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

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
01/15/2021Dollar465470465470Low
01/15/2021Pounds620625620625Low
01/15/2021Euro565570565570Low
01/14/2021Dollar465470465470Low
01/14/2021Pounds620625620625Low
01/14/2021Euro565570565570Low
01/13/2021Dollar465470465470Low
01/13/2021Pounds620625620625Low
01/13/2021Euro565570565570Low
01/12/2021Dollar460465460465Low
01/12/2021Pounds610615610615Low
01/12/2021Euro560565560565Low
01/11/2021Dollar460465460465Low
01/11/2021Pounds610615610615Low
01/11/2021Euro560565560565Low
01/08/2021Dollar460465460465Low
01/08/2021Pounds610615610615Low
01/08/2021Euro560565560565Low
01/07/2021Dollar460465460465Low
01/07/2021Pounds610615610615Low
01/07/2021Euro560565560565Low
01/06/2021Dollar460465460465Low
01/06/2021Pounds610615610615Low
01/06/2021Euro560565560565Low
01/05/2021Dollar460465460465Low
01/05/2021Pounds610615610615Low
01/05/2021Euro560565560565Low
01/04/2021Dollar460465460465Low
01/04/2021Pounds610615610615Low
01/04/2021Euro560565560565Low
01/01/2021Dollar455460455460Low
01/01/2021Pounds610615610615Low
01/01/2021Euro560565560565Low
12/31/2020Dollar455460455460Low
12/31/2020Pounds610615610615Low
12/31/2020Euro560565560565Low
12/30/2020Dollar455460455460Low
12/30/2020Pounds610615610615Low
12/30/2020Euro560565560565Low
12/29/2020Dollar455460455460Low
12/29/2020Pounds610615610615Low
12/29/2020Euro560565560565Low
12/28/2020Dollar455460455460Low
12/28/2020Pounds610615610615low
12/28/2020Euro560565560565Low
12/25/2020Dollar465470465470Low
12/25/2020Pounds610615610615Low
12/25/2020Euro560565560565Low
12/24/2020Dollar465470465470Low
12/24/2020Pounds610615610615Low
12/24/2020Euro560565560565Low
12/23/2020Dollar465470465470Low
12/23/2020Pounds610615610615Low
12/23/2020Euro560565560565Low
12/22/2020Dollar465470465470Low
12/22/2020Pounds610615610615Low
12/22/2020Euro560565560565Low
12/21/2020Dollar465470465470Low
12/21/2020Pounds610615610615Low
12/21/2020Euro560565560565Low
12/18/2020Dollar465470465470Low
12/18/2020Pounds610615610615Low
12/18/2020Euro560565560565Low
12/17/2020Dollar465470465470Low
12/17/2020Pounds610615610615Low
12/17/2020Euro560565560565Low
12/16/2020Dollar465470465470Low
12/16/2020Pounds610615610615Low
12/16/2020Euro560565560565Low
12/15/2020Dollar465470465470Low
12/15/2020Pounds610615610615Low
12/15/2020Euro560565560565Low
12/14/2020Dollar465470465470Low
12/14/2020Pounds610615610615Low
12/14/2020Euro560565560565Low
12/11/2020 00:00Dollar465470465470Low
12/11/2020 00:00Pounds610615610615Low
12/11/2020 00:00Euro560565560565Low
12/10/2020 00:00Dollar465470465470Low
12/10/2020 00:00Pounds610615610615Low
12/10/2020 00:00Euro560565560565Low
12/09/2020 00:00Dollar470475470475Low
12/09/2020 00:00Pounds605610605610Low
12/09/2020 00:00Euro555560555560Low
12/08/2020 00:00Dollar470475470475Low
12/08/2020 00:00Pounds605610605610Low
12/08/2020 00:00Euro555560555560Low
12/07/2020 00:00Dollar465470465470Low
12/07/2020 00:00Pounds615620615620Low
12/07/2020 00:00Euro555560555560Low
12/04/2020 00:00Dollar465470465470Low
12/04/2020 00:00Pounds615620615620Low
12/04/2020 00:00Euro555560555560Low
12/03/2020 00:00Dollar465470465470Low
12/03/2020 00:00Pounds615620615620Low
12/03/2020 00:00Euro555560555560Low
12/02/2020 00:00Dollar485495485495Low
12/02/2020 00:00Pounds630635630635Low
12/02/2020 00:00Euro570575570575Low
12/01/2020 00:00Dollar485495485495Low
12/01/2020 00:00Pounds630635630635Low
12/01/2020 00:00Euro570575570575Low
11/30/2020Dollar485495485495Low
11/30/2020Pounds630635630635Low
11/30/2020Euro565570565570Low
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
11/12/2020 00:00Dollar455460455460Low
11/12/2020 00:00Pounds585590585590Low
11/12/2020 00:00Euro535540535540Low
11/11/2020 00:00Dollar455460455460Low
11/11/2020 00:00Pounds585590585590Low
11/11/2020 00:00Euro535540535540Low
11/10/2020 00:00Dollar457462457462Low
11/10/2020 00:00Pounds583587583587Low
11/10/2020 00:00Euro535540535540Low
11/09/2020 00:00Dollar457462457462Low
11/09/2020 00:00Pounds585590585590Low
11/09/2020 00:00Euro535540535540Low
11/06/2020 00:00Dollar457462457462Low
11/06/2020 00:00Pounds585590585590Low
11/06/2020 00:00Euro535540535540Low
11/05/2020 00:00Dollar457462457462Low
11/05/2020 00:00Pounds585590585590Low
11/05/2020 00:00Euro535540535540Low
11/04/2020 00:00Dollar457462457462Low
11/04/2020 00:00Pounds585590585590Low
11/04/2020 00:00Euro535540535540Low
11/03/2020 00:00Dollar457462457462Low
11/03/2020 00:00Pounds585590585590Low
11/03/2020 00:00Euro535540535540Low
11/02/2020 00:00Dollar457460457460Low
11/02/2020 00:00Pounds585590585590Low
11/02/2020 00:00Euro530535530535Low
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
10/12/2020 00:00Dollar452458452458Low
10/12/2020 00:00Pounds580585580585Low
10/12/2020 00:00Euro530535530535Low
10/09/2020 00:00Dollar452457452457Low
10/09/2020 00:00Pounds585590585590Low
10/09/2020 00:00Euro535540535540Low
10/08/2020 00:00Dollar452457452457Low
10/08/2020 00:00Pounds585590585590Low
10/08/2020 00:00Euro535540535540Low
10/07/2020 00:00Dollar452457452457Low
10/07/2020 00:00Pounds585590585590Low
10/07/2020 00:00Euro535540535540Low
10/06/2020 00:00Dollar452457452457Low
10/06/2020 00:00Pounds580585580585Low
10/06/2020 00:00Euro535540535540Low
10/05/2020 00:00Dollar452455452455Low
10/05/2020 00:00Pounds570580570580Low
10/05/2020 00:00Euro540545540545Low
10/02/2020 00:00Dollar460465460465Low
10/02/2020 00:00Pounds575585575585Low
10/02/2020 00:00Euro530540530540Low
10/01/2020 00:00Dollar460465460465Low
10/01/2020 00:00Pounds575585575585Low
10/01/2020 00:00Euro530540530540Low
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
09/11/2020 00:00Dollar450455450455Low
09/11/2020 00:00Pounds555565555565Low
09/11/2020 00:00Euro525530525530Low
09/10/2020 00:00Dollar455460455460Low
09/10/2020 00:00Pounds545560545560Low
09/10/2020 00:00Euro525530525530Low
09/09/2020 00:00Dollar430440430440Low
09/09/2020 00:00Pounds540555540555Low
09/09/2020 00:00Euro500510500510Low
09/08/2020 00:00Dollar435440435440Low
09/08/2020 00:00Pounds540550540550Low
09/08/2020 00:00Euro505515505515Low
09/07/2020 00:00Dollar435440435440Low
09/07/2020 00:00Pounds525530525530Low
09/07/2020 00:00Euro505515505515Low
09/04/2020 00:00Dollar425440425440Low
09/04/2020 00:00Pounds560580560580Low
09/04/2020 00:00Euro505515505515Low
09/03/2020 00:00Dollar425440425440Low
09/03/2020 00:00Pounds560580560580Low
09/03/2020 00:00Euro520535505515High
09/02/2020 00:00Dollar425440425440Low
09/02/2020 00:00Pounds570580560580Low
09/02/2020 00:00Euro535540520535Low
09/01/2020 00:00Dollar462465435440High
09/01/2020 00:00Pounds565575570580Low
09/01/2020 00:00Euro535540535540Low
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
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8/18/2020Euro545550545550Low
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8/17/2020Pounds580590580590Low
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8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
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8/13/2020Pounds570575565575Low
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08/12/2020 00:00Dollar470475470475Low
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30/08/2019 00:00Pounds442448440445Low
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22/08/2019 00:00Pounds445450440445Low
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21/08/2019 00:00Pounds447452445450Low
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20/08/2019 00:00Pounds450455447452Low
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19/08/2019 00:00Euro395400395400Low
16/08/2019 00:00Pounds451455450455Low
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16/08/2019 00:00Euro397402395400Low
15/08/2019 00:00Pounds450455451455Low
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15/08/2019 00:00Euro398403397402Low
14/08/2019 00:00Pounds450455450455Low
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14/08/2019 00:00Euro398403398403Low
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07/08/2019 00:00Pounds453458450455Low
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07/08/2019 00:00Euro398403398403Low
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06/08/2019 00:00Euro400404400403Low
05/08/2019 00:00Pounds458462457461Low
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02/08/2019 00:00Pounds458462458462Low
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01/08/2019 00:00Pounds458462458462Low
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01/08/2019 00:00Euro402405402405Low
31/07/2019 00:00Pounds458463458463Low
31/07/2019 00:00Dollar358360358360Low
31/07/2019 00:00Euro403407403407Low
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26/07/2019 00:00Pounds459463458461Low
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25/07/2019 00:00Pounds459463459463Low
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16/07/2019 00:00Euro405408403407Low
13/07/2019 00:00Pounds460464460463Low
13/07/2019 00:00Dollar359361359361Low
13/07/2019 00:00Euro405410405408Low
12/07/2019 00:00Pounds458463460464Low
12/07/2019 00:00Dollar359361359361Low
12/07/2019 00:00Euro404407405410Low
11/07/2019 00:00Pounds458463458462Low
11/07/2019 00:00Dollar359362359361Low
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10/07/2019 00:00Pounds458463458463Low
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10/07/2019 00:00Euro401406402405Low
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08/07/2019 00:00Euro401405401405Low
05/07/2019 00:00Pounds458463458463Low
05/07/2019 00:00Dollar359362359362Low
05/07/2019 00:00Euro401405401405Low
04/07/2019 00:00Pounds458463458463Low
04/07/2019 00:00Dollar359362359362Low
04/07/2019 00:00Euro401405400405Low
03/07/2019 00:00Pounds458464458463Low
03/07/2019 00:00Dollar359361359362Low
03/07/2019 00:00Euro401405401405Low
02/07/2019 00:00Pounds458462458463Low
02/07/2019 00:00Dollar359361359361Low
02/07/2019 00:00Euro398402400404Low
01/07/2019 00:00Pounds458462458462Low
01/07/2019 00:00Dollar358360359361Low
01/07/2019 00:00Euro400403398403Low
28/06/2019 00:00Pounds457460457462Low
28/06/2019 00:00Dollar358360358360Low
28/06/2019 00:00Euro398402400403Low
27/06/2019 00:00Pounds458462458462Low
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27/06/2019 00:00Euro398402398402Low
26/06/2019 00:00Pounds458463458462Low
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26/06/2019 00:00Euro398402400403Low
25/06/2019 00:00Pounds458464458464Low
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25/06/2019 00:00Euro400403398402Low
24/06/2019 00:00Pounds458464460465Low
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24/06/2019 00:00Euro398402398403Low
21/06/2019 00:00Pounds460465458464Low
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21/06/2019 00:00Euro398402398402Low
20/06/2019 00:00Pounds460465468462Low
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20/06/2019 00:00Euro398402400403Low
19/06/2019 00:00Pounds460465460465Low
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17/06/2019 00:00Pounds462467462468Low
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17/06/2019 00:00Euro400404400404Low
14/06/2019 00:00Pounds426467426467Low
14/06/2019 00:00Dollar358361358361Low
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13/06/2019 00:00Pounds467471462467Low
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13/06/2019 00:00Euro400404400404Low
12/06/2019 00:00Pounds468471467471Low
12/06/2019 00:00Dollar358361358361Low
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11/06/2019 00:00Pounds465470467471Low
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10/06/2019 00:00Pounds468472468472Low
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10/06/2019 00:00Euro404400400404Low
07/06/2019 00:00Pounds469473467471Low
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07/06/2019 00:00Euro400403398402Low
06/06/2019 00:00Pounds468472465470Low
06/06/2019 00:00Dollar358360358361Low
06/06/2019 00:00Euro398402403400Low
03/06/2019 00:00Pounds468472468472Low
03/06/2019 00:00Dollar358360358361Low
03/06/2019 00:00Euro398402398402Low
31/05/2019 00:00Pounds465470470474Low
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31/05/2019 00:00Euro397402400403Low
30/05/2019 00:00Pounds470474470474Low
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20/05/2019 00:00Pounds472475472475Low
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17/05/2019 00:00Pounds472475472475Low
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17/05/2019 00:00Euro400405400404Low
16/05/2019 00:00Pounds472475472475Low
16/05/2019 00:00Dollar358360358360Low
16/05/2018 00:00Euro400404400404Low
15/05/2019 00:00Pounds470475470475Low
15/05/2019 00:00Dollar358360358360Low
15/05/2019 00:00Euro400404400404Low
13/05/2019 00:00Pounds470475470475Low
13/05/2019 00:00Dollar358360358360Low
13/05/2019 00:00Euro400404400405Low
10/05/2019 00:00Pounds470475470475Low
10/05/2019 00:00Dollar358360358360Low
10/05/2019 00:00Euro400405400405Low
09/05/2019 00:00Pounds470475470475Low
09/05/2019 00:00Dollar358360358360Low
09/05/2019 00:00Euro400405400405Low
29/04/2019 00:00Pounds470475470475Low
29/04/2019 00:00Dollar358360358360Low
29/04/2019 00:00Euro400405400405Low
26/04/2019 00:00Pounds470475470475Low
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26/04/2019 00:00Euro400405400405Low
25/04/2019 00:00Pounds470475470475Low
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25/04/2019 00:00Euro400405400405Low
24/04/2019 00:00Pounds470475472476Low
24/04/2019 00:00Dollar358360358360Low
24/04/2019 00:00Euro400405400405Low
23/04/2019 00:00Pounds474478472476Low
23/04/2019 00:00Dollar355360358360Low
23/04/2019 00:00Euro390402400405Low
22/04/2019 00:00Pounds472476472476Low
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22/04/2019 00:00Euro400405400405Low
19/04/2019 00:00Pounds467471470475Low
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19/04/2019 00:00Euro395400402406Low
18/04/2019 00:00Pounds470475470475Low
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18/04/2019 00:00Euro402406402406Low
17/04/2019 00:00Pounds470475470475Low
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17/04/2019 00:00Euro402406402406Low
16/04/2019 00:00Pounds465470470475Low
16/04/2019 00:00Dollar360365357360Low
16/04/2019 00:00Euro400405402405Low

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

Parallel market rate and the FX window to converge towards the official rate in 2021 – United Capital report

According to a recent report, the exchange rates at the parallel market and the I&E FX window are expected to converge in 2021.

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

United Capital Plc has stated that it expects a convergence between parallel market rate and the I&E FX window in 2021, which is contingent on repetition of history as well as CBN’s intervention in parallel market activities.

This is contained in a recent report by the company: Nigeria Outlook 2021 — A Shot at Recovery.

READ: CBN to “introduce” uniform exchange rate for naira

According to the company,

  • “The fact is that the Nigerian economy has been here before, in 2016, when the parallel market rate climbed as high as N500/$1 but converged to N360/$1 after the I&E window was introduced.”

Informed by this, the company believes history and regulation will result in a possible appreciation from the parallel market rates of N470/$1 -N500/$1 towards the official rate.

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READ: United Capital Plc lists N10 billion fixed rate bonds

As regards the official rate, the company submits that its projection is that the official rate should find its level around N400/$1-N415/$1 in 2021 — thus expecting the parallel market rate and I&E window to also be around N400/$1-N415/$1 this year.

What they are saying

According to the report,

  • “If the past is any indication of the future, we think an additional 6% -10% currency adjustment (to bring the official rate to roughly N400-N415/$1) will be needed to structurally rebalance the current account by year-end or Q1-2021. Other upside factors that may support the market includes recent $1.5bn inflow from the World Bank, the proposed bilateral facilities expected from Brazil and a possible Eurobond issuances in 2021.”
  • “In spite of the projected decline in diaspora remittances, we are of the view that the move to allow recipients of diaspora remittances through the International Monetary Transfer Operators (IMTO) have inflows in foreign currency through the designated bank of their choice, will help improve liquidity in the system, and help reduce the pressure on parallel market rate going forward.”

United Capital Plc expects these to significantly improve the CBN’s ability to defend the currency at N400/$1-N415/$1.

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What you should know

As of yesterday:

  • The CBN official rate stood at N380/$1.
  • The parallel market rate closed at N470/$1.
  • The I&E FX window opened at N392.69/$1 and closed at N394.67/$1.

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