简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Naira exchange rate against the US dollar has remained volatile on the black market in the just concluded week, with the rate jumping to N685 over the weekend and remaining at this level in the new week. This has caused great panic among investors who fear a retest of the previous all-time low above N700 recorded last month.
By: Damian Okonkwo
The Naira exchange rate against the US dollar has remained volatile at the black market in the just concluded week, with the rate jumping to N685 over the weekend and remaining at this level ahead of the new week. This has caused great panic among investors who fear a retest of the previous all-time low above N700 recorded last month.
The Naira exchange rate at the black market had remained very volatile all through the first and second quarters of 2022. The volatility was sustained in the third quarter also. The black market rate fell to N635/$ during the first week of August from the previous high at N750/$ created during the last week of July.
The volatility has showcased more in August, rising to N675/$ on Wednesday 10 August 2022, and next to N685/$ over the weekend.
The strong volatility and instability of the Naira exchange rate at the black market could be attributed to the unstable supply of forex at the exchange window and other economic factors troubling the country at the moment.
Notwithstanding the rapid volatility experienced at the black market, the Naira exchange rate at the Import and Exchange (I&E) Window remained fairly flexible with a lower fluctuation rate witnessed often. The official rate closed on Friday at N419.22 per dollar and remained the same over the weekend.
The black market exchange rate always differs from the CBN rate which has been the official exchange rate between the US dollar and the Nigerian Naira. Hence, the CBN often discouraged investors from using the black market.
Nonetheless, the high rate offered at the black market had often become a new business for many foreign exchange dealers today, especially the politicians who hoard the dollar hoping to sell them at higher rates.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
OANDA Japan Inc., a subsidiary of the global online broker OANDA Corporation, has announced the termination of its Tokyo Server MT4 Discretionary Plan. The broker has notified its clients that the plan will no longer be available after December 13, 2024, marking a shift in the company's services for clients using the MetaTrader 4 (MT4) platform in Japan.
In the midst of the 2021 crypto and NFT boom, celebrities flocked to the burgeoning market of digital assets, promoting Non-Fungible Tokens (NFTs) as the next big thing. Fast forward to 2024, the glitter has faded, and many celebrity-endorsed NFTs have lost their allure. The question remains: what happened to celebrities’ NFTs, and why should this serve as a stark reminder for everyday investors?
Updated forex analysis shows USD weakness, focusing on key levels like EUR/USD, DXY bearish trend, and pivot points for major currency pairs.