As the 2023 presidential election becomes intense by the hours, it is clear that the political audacity of the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele will cause more havoc to Nigeria’s monetary system.
The CBN governor is more interested in succeeding Muhammadu Buhari than focusing on its primary role of stabilising the already wrecked acclaimed biggest economy in Africa.
At the time of this report, the CBN governor has headed to court to seek constitutional interpretation of his political ambition. His action is most likely to drag the forex market in Nigeria into a terrible state in the days ahead.
That said, let’s see what is happening on the black market, P2P, and at the banks:
USD/NGN P2P Exchange Rate
Today, May 9, 2022, the foreign exchange market reacted to the political drama as the P2P exchange rate stands at NGN606/USD (sell) and NGN599/USD (buy) a few minutes before publication.
P2P rate is the exchange rate on the largest cryptocurrency peer-to-peer binance that becomes popular after the restrictions Godwin Emefiele placed on the crypto trade in 2021 in Nigeria.
USD/NGN Bank Exchange Rate
While the forex remains a shady business in some Nigerian banks, the exchange rate at banks is not the same.
Access, GBT, First Bank, UBA, Union, Wema, Fidelity, and FCMB among other commercial banks have different exchange rates displayed on their forex price board, but it’s a completely different story for Nigerians who applied for forex for international needs.
Inflow Exchange Rate
On Monday, May 9, 2022, the inflow and bank transfer rate stands at NGN590-NGN595 (buy/sell) to the United States dollar at the time of this publication.
The inflow rate is a very tricky one for those who are in the forex trade in Nigeria as any error may lead penalty or restrictions on an erring account.
CBN Exchange Rate
The exchange rate on the CBN forex page shows that $1 would buy NGN415 while buying remains at NGN414.8.
Although, some monetary analysts have criticised the CBN rate, saying it’s high manipulative which is not obtainable in the market.
One specifically questioned the CBN:
“Why would commercial banks sell USD more than NGN450 if the apex bank claims that it sells USD at NGN415?”
Some banks sell USD more than NGN500, but considering the political ambition of the CBN governor, he doesn’t have time to explain to anyone why the margin is wide.
USD/NGN Black Market Rate
The early morning of Monday, May 9, 2022, shows USD was NGN591 (sell) and NGN586/USD.
But a few hours later, the rate moved to NGG592/USD (sell) and NGN587/USD at the black market rate, according to sources at the Bureau De Change market.
The price might change before the end of close of trading. We urge you to keep checking the exchange rate update before opening a trade either buy or sell.