The week began with an exchange rate of N1,200 per US dollar on P2P platforms for the Naira on Monday, October 23. This signifies a 3.41 percent decrease in the Naira’s strength compared to Friday, October 20, when it concluded at N1,170 within the same market.
Throughout this week, in the informal black market for currency exchange, prices stand at N1200 per US dollar for cash transactions and range between N1,250 and N1,300 for wired transfers.
As of the end of business hours on Monday, October 23, 2023, certain traders were offering wired transfer rates at approximately N1,300 per US dollar, with cash transactions being quoted at N1,240. The P2P rate also concluded the day at roughly N1,220 per US dollar.
While the unofficial exchange rates in the black market continue to decline, the official rates experienced an increase on Monday, October 23, reaching N793.34 per US dollar, in contrast to the N808 per US dollar recorded at the close of the previous week.
Furthermore, the Minister of Finance and Economic Coordination, Mr. Wale Edun, stated on Monday that an influx of approximately $10 billion in foreign exchange is anticipated in the coming weeks, as opposed to months.
Addressing the audience during a panel discussion at the ongoing Nigeria Economic Summit, he remarked: “In addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales, from our discussions with sovereign wealth funds, that are ready to invest and provide advanced alongside that investment, there is a line of sight of $10 billion worth of foreign exchange in the relatively near future in weeks rather months.”