• Latest
  • Trending
  • All

Naira Hits Record Low, Closing Gap Between Official and Black Markets Rates

Ibas faults NBA for moving Conference from Rivers to Enugu, demands Refund of N300m Hosting Rights

Rivers LG Administrator Resigns

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

Court remands TikToker For Bathing On Street

Court remands TikToker For Bathing On Street

JUST IN: Presidency warns Nigerians, Leaders over Opposition to Tinubu’s Tax Reform Bills

Tinubu lands in Benue amidst Aftermath of Yelewata attack

CAC Increases Service Fees from  August 1

CAC Increases Service Fees from August 1

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

Air India Plane carrying 242 Passengers Crashes after Takeoff (Video)

Air India Plane carrying 242 Passengers Crashes after Takeoff (Video)

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Ondo Deputy Speaker and Majority Leader resign

Ondo Deputy Speaker and Majority Leader resign

  • About Us
  • Advertise with Us
  • Editorial Policy
Wednesday, June 25, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Breaking News

Naira Hits Record Low, Closing Gap Between Official and Black Markets Rates

by iDeemlawful
December 9, 2023
A A
FacebookTwitterWhatsapp

The naira has witnessed a significant plunge at the official market, reaching an all-time low record of N1,099.05 per dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) as at Friday, November 8, 2023

This depreciation narrowed the exchange rate gap between the official and parallel markets to N99 per dollar.

Meanwhile, the black market, also known as the parallel, traded at N1,198 per dollar on the same day. Which marks a closure of the disparity between the two markets by N99, reflecting the government’s concerted effort to achieve unified FX rates by the end of the year.

RelatedPosts

Nigerian Government Announces Public Holidays for Sallah Celebrations

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Nigerian Government Announces Public Holidays For Easter

Nigerian Government Declares Public Holidays For Eid-ul-fitr Celebration

Report has it that the current exchange rate gap of N99 contrasts sharply with the N1.83 per dollar disparity witnessed on June 21, 2023, after the Central Bank of Nigeria (CBN) unified the rate windows.

Further analysis reveals that the spot trading rate has also tightened, closing the gap between the official and black markets to N22 per dollar as of December 7, 2023. Noting that, the parallel market aslo recorded a rate of N1,198 per dollar on December 8, 2023.

The CBN’s decision to collapse all Forex market segments into NAFEM on June 14, 2023, has played a pivotal role in these developments. The move aimed at streamlining transactions through a willing buyer and a willing seller model, effectively closing all other windows.

In pursuit of stabilized rates, the Nigerian government set targets which aim for an exchange rate range of N650 to N750 per dollar by the close of the current year.

As the disparity between official and black market rates narrows, market observers closely watch the unfolding dynamics, anticipating the potential impact on the nation’s economic landscape.

Tags: DollarNairaNigeria Government
Previous Post

An Appraisal of the Constitutional Power or Otherwise of a Governor to Suspend or Remove the State Chief Judge – Akanmu Jamiu

Next Post

SENIOR ADVOCATE OF NIGERIA: A BRAINCHILD OF QUEEN’S COUNSEL INSTITUTION

iDeemlawful

iDeemlawful

Related Posts

Court remands TikToker For Bathing On Street
Breaking News

Court remands TikToker For Bathing On Street

JUST IN: Presidency warns Nigerians, Leaders over Opposition to Tinubu’s Tax Reform Bills
Breaking News

Tinubu lands in Benue amidst Aftermath of Yelewata attack

CAC Increases Service Fees from  August 1
Business News

CAC Increases Service Fees from August 1

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma
Breaking News

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA
Breaking News

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024
Business News

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports
Business News

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks
Breaking News

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes
Breaking News

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In