Nigeria’s foreign exchange market continues its poor performance as one British pound sterling was sold by Bureau De Change operators for N745//£1 Wednesday, December 15, 2021, in Lagos State, Nigeria’ commercial capital.
In the past, naira gained at FX market during Yuletide considering the inflow of forex to the country courtesy of Nigerians in the diaspora who either come home or send funds to their families at home
When there is a surplus, NGN will have an advantage over dollars, Pounds Sterling, Euro and other foreign currencies. Stiff policy and insecurity in Nigeria may be attributed to the latest trend.
Dollars to Naira Blackmarket Rate
Also, the dollar to naira exchange rate showed a similar downward performance as $1 was sold by BDCs for NGN570 at the time of filing this report.
In fact, some of the BDCs were ready to pay NGN573 for higher volume. But they buy from a holder at the rate of NGN565 or NGN567, depending on the volume. This can be attributed to a shortage of supply as against demand. When demand is higher than supply, the price goes up.
Naira remained unstable since the decision of the Central Bank of Nigeria (CBN) on July 27, 2021, to remove BDC operators from the forex value chain.
Importer & Exporter Exchange Rate
At the Importer and Exporter window, it’s NGN414.80/$1 as against NGN414.06/$1 Tuesday, December 14, 2021, the difference represents a 0.18% drop even as Nigeria’s external reserves continues with a decline of $17 million.
At the time of this report, Nigerians who need forex for essential needs particularly payment for foreign school fees are frustrated by the delay by some banks in Nigeria. Some of these frustrations can be seen in one of our articles
CBN exchange rate for the dollar is NGN411.73/$1, for Pounds sterling, it’s NGN545.954/£1 while it’s NGN464.5138/€
The best way to know the exchange rate at banks is when you made payments for online services using your debit card or make purchase on foreign stores.
At GTbank, it’s NGN480/$1. The exchange rate at banks isn’t the same.
Already, some banks like First Bank of Nigeria (FBN) and United Bank for Africa (UBA) have stopped dollar transfers by private individuals.