Categories: BusinessNews

Dollar To Naira Crashes To The Lowest – See New Exchange Rate

Dollar to Naira has crashed to the lowest level.

Infoexpert24 reports that the US dollar crashed at the parallel market also known as the black market on Friday, October 29, trading at  ₦565 per dollar after it closed at ₦572 per dollar on Thursday, October 28, 2021.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.

Naira Losses To U.S Dollar As Foreign Reserves Hit 3-Year High

Infoexpert24 reports that the Naira gained on Friday, October 29, 2021, hitting ₦₦414.49 per dollar, after it closed at ₦415.10 per $1 on Thursday, 29 October 2021 at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.

Advertisement

Dollar to Naira exchange rate

Infoexpert24 understands that this development is coming a week and a few days after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele to allow the naira to reflect the realities of the market.

Osinbajo had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

Yemi Osinbajo

“For context, the Vice-President’s point was that currently, the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

Advertisement

“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

“It is a well-known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”

Dollar to Naira has crashed to the lowest level.

Infoexpert24 reports that the US dollar crashed at the parallel market also known as the black market on Friday, October 29, trading at  ₦565 per dollar after it closed at ₦572 per dollar on Thursday, October 28, 2021.

Advertisement

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.

Naira Losses To U.S Dollar As Foreign Reserves Hit 3-Year High

Infoexpert24 reports that the Naira gained on Friday, October 29, 2021, hitting ₦₦414.49 per dollar, after it closed at ₦415.10 per $1 on Thursday, 29 October 2021 at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.

Dollar to Naira exchange rate

Infoexpert24 understands that this development is coming a week and a few days after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele to allow the naira to reflect the realities of the market.

Dollar To Naira Crashes To The Lowest – See New Exchange Rate

Osinbajo had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

Advertisement

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

Yemi Osinbajo

“For context, the Vice-President’s point was that currently, the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

Advertisement

“It is a well-known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”

Facebook Comments
InfoExpert24

Leave a Comment

Recent Posts

Exploring AXA Mansard Health Limited: Your Comprehensive Guide to HMO Plans

AXA Mansard Health Limited, the Health Maintenance Organization (HMO) division of AXA Mansard group of…

1 month ago

Nigerian Insurance Industry Database

The landscape of insurance in Nigeria is one that often operates in the shadows of…

1 month ago

Zenith Insurance: Product & Services

In the unpredictable journey of life, unforeseen events can strike when least expected. To safeguard…

1 month ago

SKYBLUE LOUGE & ACCOMODATION BEGIN OPERATIONS AT TARKWA BAY

Lagos and its surrounding areas are poised to experience a new level of luxury and…

5 months ago

Manchester United Suffer 3-1 Defeat To Brighton as Onana Error Compounds Misery

Manchester United slumped to a disappointing 3 -1 loss against Brighton, adding to Ruben Amorim’s…

5 months ago

UK Probe Finds No Stolen Nigerian Funds Linked to Diezani – Mike Ozekhome

Mike Ozekhome, SAN has dismissed ongoing allegations of corruption against former Petroleum Resources Minister Diezani…

5 months ago