usdollar_to_naira_exchange_rate_parallel_market

Naira Crashes To $/N970 at Parallel Market

Last updated on September 20th, 2023 at 05:44 pm

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The pressure on the Naira remains unsolved as it crashed yet again to $/N970 against the US dollar at the unofficial market on Tuesday, September 19, 2023.

It is the latest record low for the Nigerian currency after it exchanged for $/N965 at the parallel market a day earlier.

Some of the operators of the parallel market, Bureaux De Change (BDC), on Tuesday quoted $/N960 for sell and $/N970 for sell in some parts of Lagos and the Federal Capital Territory (FCT), when a team member of InfomediaNG called.

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The Need To Stabilize The Naira

On assumption of office, President Bola Tinubu took some monetary and forex reforms, including unifying the exchange market by collapsing all rates into the Importers’ and Exporters’ Window and floating the Nigerian currency, some analysts described it a managed float, but it seems the positive impact is yet to be felt.

The plan of the president was to stabilize the naira, but the result is on the contrary as the Naira continues to crash, especially at the unofficial market called the parallel market, reaching a new record low on Wednesday at $/N983.

And recently, Wally Adeyemo, the U.S. Deputy Treasury Secretary, called on the government to make more efforts to stabilize Naira and fight corruption to unlock Nigeria’s potential.

He said that the economic success “is not only important to the approximately 200 million people who call Nigeria home”, but to Africa and the rest of the World.

Also Read:  Negative Impact of Withholding Foreign Airlines' Profits on Nigeria's Foreign Investment Climate

While praising the effort of the Tinubu-led administration to unify the FX market, it pointed out that it was a very difficult decision that any country could take, “but going backwards would be even worse.”

Author

  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

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