Naira Exchanges at N465 to a US Dollar on the Black Market

The Nigerian Naira remained under pressure at N465 to a United States dollar on the black market following the Central Bank of Nigeria (CBN)’s Naira-USD exchange rate adjustment.

The local currency plunged against the US dollar to almost three years low two weeks ago and remained at that level ever since. This was because the market had projected the eventual adjustment in the official foreign exchange rate from N360/$ to N380/$.

On July 8, the CBN devalued the nation’s foreign exchange rate from N361 to N381 per US dollar for investors and importers to better manage the nation’s dwindling foreign reserves and improve access to forex.

Against the British Pound, the Naira traded at N565, the same rate it exchanged on Friday. This continues against the Euro common currency as the local currency remained under pressure at N510 a unit Euro.

On the Investors and Exporters’ foreign exchange window, the local currency gained 0.26 percent against the United States dollar to trade at N386.

Investors traded $36.28 million on the window on Monday. While the CBN official exchange rate remains N381 per USD, on the FMDQ Group website.

Forex scarcity continues to weigh on the nation’s exchange rate due to the weak foreign revenue generation and low oil prices.