The naira is under intense pressure as parallel market operators are quoting a buy price above N1,600/$1 for those looking to buy dollars.
As of Thursday, July 18, 2024, platforms like Trove, Remitly, Bamboo, and PiggyVest are selling the dollar above N1,630.
Exchange Rates on Various Platforms
- Remitly: N1,632.96/$1
- Trove: N1,632.01/$1
- Bamboo: N1,634/$1
- PiggyVest (Flex Dollar): N1,660/$1
- ChipperCash: N1,803.04/$1
Official Market Insights
The naira reached N1,620 on the official market on Wednesday and closed at N1,581.26/$1, a 0.32% depreciation at the NAFEM window. Based on FMDQ data, FX turnover also dropped by 21.72%, falling to $108.16 million.
Central Bank’s Perspective
Despite the naira’s decline, Central Bank Governor Yemi Cardoso claims the worst of naira volatility is over. In a Bloomberg TV interview, Cardoso expressed satisfaction with the currency crisis management in recent months. However, he noted that the naira’s future value depends on various factors, especially fiscal policies. He emphasized the ongoing implementation of macroeconomic measures to stabilize the market.
CBN’s New Measures
To support the naira, the Central Bank announced the sale of foreign exchange to eligible Bureau De Change (BDCs) today. Each BDC will receive $20,000 at a rate of N1,450/$1, as per a circular signed by A. A. Mahdi, Acting Director of Trade and Exchange at the CBN. This move is expected to help the naira recover, especially with the summer holiday season putting additional pressure on the currency.
