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 Nigerian Naira ended the year 2022 with a significant loss of value exchanging at N735/$1 at the black market as of 31st December 2022. This marks a 23% decline YoY compared to the N561/$1 witnessed on 31st December 2021.
By: Damian Okonkwo
The Nigerian Naira ended the year at a lower value at the black market exchanging at N735/$1 on 31st December 2022. This is contrary to the official rate at the Investors and Exchange Window (I&E) where it closed at N461.5/$.
The present closing rates marks an over 23% decline at the black market rate YoY compared to the closing rate of N561/$1 witnessed on 31st December 2021.
Also, the official rate declined by 5.6% YoY compared to the N422.67/$1 recorded as of 31st December 2021.
One ugly scenario that played out this year when it comes to the Naira exchange rate against the US dollar, is the high disparity between the black market rate and the official rate. Thus, the latter is bigger than the official rate by an additional N273.5 which is almost 50% of the official rate.
The dollar scarcity found among the commercial banks in the country has given the black market dealers greater audacity to increase their rate at such a high jump because a high number of forex dealers now prefer to exchange with them.
Notwithstanding, investors are currently forecasting that the naira will likely have more value on the black market within Q1 of 2023 due to the imminent presidential election coming up in February 2023. The uncertainty surrounding the outcome of the election and the high demand for foreign products used during the campaigns will likely cause more devaluation for Naira during this period.
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.
A Malaysian manager has suffered a devastating financial loss of RM651,800 after falling prey to a deceptive investment scheme via a Facebook advertisement that promised lucrative returns within a short timeframe.
A woman from Kuantan lost RM703,000 after falling for an investment scam linked to a platform called Quantedge Capital Co. Limited. The 47-year-old company manager believed she was investing in a legitimate opportunity shared with her through WhatsApp. Over the course of ten months, she transferred large sums of money but never received any returns.
A 69-year-old retired teacher and part-time contractor has lost more than RM700,000 after falling victim to an online investment scam advertised on Google.
Black Monday—the day when markets crashed and panic selling took over—reminds us that economic downturns are part of the investing cycle. While such days can trigger fear and uncertainty, being prepared with a well-planned strategy can help protect your hard-earned money. In this article, we’ll explore actionable tips on safeguarding your investments and overall finances during a market crash.