As the world is trying to deal with the economic downturn, following the post-pandemic era, the Nigerian Naira (₦) has crashed further against the United States Dollar ($).
CONVERSEER reports that Nigeria depends on imports more than what the country exports, and with globalisation at hand, the US dollar has become sacrosanct as the universal trading currency.
As of today, Monday, October 31, 2022, the Parallel Market, also known as Black Market or Bureau De Change (BDC), the Naira (NGN) is NGN782 to NGN790 per one dollar ($1).
That is, traders buy a dollar (USD1) at NGN782 and sell at NGN790 as against Saturday, October 29, 2022, where it was NGN775 (buying) and NGN780 (selling).
The naira also fell against the Great Britain Pound (GBP). On the black market, traders are buying a pound for NGN870 and selling for NGN880.
Similarly, the traders are buying a Euro (EUR) for NGN755 and selling at NGN760.
Even though the Central Bank of Nigeria (CBN) frowns at the hurdling of foreign currencies, the official rate itself has not been impressive.
CBN Rates:
Meanwhile, at the CBN, which is the official rate, the naira gained marginally against the dollar, pound and euro according to rates released by the apex bank on October 28, 2022.
• DOLLAR = NGN437.85 (Buying) and NGN438.85 (Selling)
• POUNDS = NGN506.0232 (Buying) and NGN507.1789 (Selling)
• EURO = NGN436.0504 (Buying) and NGN437.0463 (Selling)
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