Business & Economy
BREAKING: Naira Falls Massively Again At Black Market, See New Exchange Rate
Naira has fallen massively again at the black market, See New Exchange Rate below.
Eko Hot Blog reports that the naira on Tuesday, August 30, 2022, reversed its almost miraculous comeback to trade over the N700/$1 mark once again.
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This is according to information gathered from several black market forex traders, who spoke to NewsOnline in Ogba, Lagos.
The last time the naira reached the 700/$ range was on July 27, 2022, a Wednesday. However, the latest decline in the Naira comes following a 34.3% decline in FX turnover, from $82.38 million on Friday, August 26, 2022, to $54.13 million on Monday.
The naira’s depreciation follows reports that the Central Bank of Nigeria has released $265 million to save the Aviation sector, with a portion of it going to pay blocked funds owing to foreign airlines.
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What you should know
- The recent drop in the market has been attributed by Bureau De Change operators to a scarcity of FX and an increase in demand. According to BDC operators, the Naria is now trading at N705/$. Similarly, the rate on the cryptocurrency P2P Exchange market has dropped to N701.89/$1.
- The crash of the Naira comes despite the central bank’s interest rate hike to 14% in July 2022 and the savings deposit interest rate increase from 1.4% to 4.2% in order to curb rising inflationary pressure as well as encourage FX inflow into the economy.
- The reserve level had fallen dramatically year to date as a result of the CBN’s ongoing intervention in the official FX market to limit exchange rate volatility. Nigeria’s external reserves declined by 3.3% on Tuesday, 30th August 2022 to stand at 39.181 billion from $40.520 Billion recorded in 31st December 2021. This is indicative of a $1.339 billion Year to date.
- According to the apex bank, foreign exchange inflows through the RT200 FX Programme surged significantly in Q1 and Q2 of 2022, reaching around US$600 million as of June 2022. Nonetheless, the rise in foreign exchange inflows via the RT200 FX does not appear to be adequate to alleviate Naira concerns.
- Eko Hot Blog reported earlier that thousands of applicants are facing harrowing experiences as they get their PTA in two or three tranches depending on what is available in the banks’ vault.
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