NewStats: 3,261,177 , 8,173,298 topics. Date: Wednesday, 28 May 2025 at 12:51 PM 2r7354

ABUJA, July 20 (Reuters) - Nigeria's naira traded at a record low of 860 per dollar on the black market on Thursday, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week.

The bank last month allowed the naira to weaken by more than a third in a bid to unify Nigeria's multiple exchange rates and to lure foreign investment to shore up liquidity in an economy struggling with dollar shortages.

Last month's devaluation helped narrow the gap between the naira's exchange rates on the official window and the black market but pressure is gradually building up especially from individuals paying for expenses abroad.

The naira has been swinging widely on the official market since the devaluation. It touched a new low of 853 naira per dollar on Wednesday, according to OTC market regulator, FMDQ Exchange.

The naira has been swinging widely on the official market since the devaluation. It touched a new low of 853 naira per dollar on Wednesday, according to OTC market regulator, FMDQ Exchange.

The currency closed at 742 naira against the dollar on the official market on Thursday, Refinitiv data showed.

Dollar shortages on the official market have seen customers turning to the black market, helping to widen the gap between the spot rate and the black market, one trader said.

Nigeria has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and the loosening of restrictions on foreign exchange trading, a gamble President Bola Tinubu hopes will boost sluggish economic growth.

Analysts have warned that a weaker currency and the fuel subsidy removal would likely to push inflation higher in the short term.

The central bank will meet on Monday and Tuesday to set interest rates with investors looking for measures to the currency.

https://www.reuters.com/markets/currencies/nigerias-naira-hits-record-low-black-market-ahead-central-bank-meeting-2023-07-20/?rpc=401&

Double tragedy.

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Wittyness

Nigeria is playing

Damnnn niggar

Good news this morning

Which means petrol go soon enter 800 per litre

Dr unanever C. Enitin says hi from Benin city
Barr unago C. Shege says hello from enugu

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It's actually favouring we online earners.

I sold $100 Bitcoin yesterday and got 86,000.

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Seems Nigeria economy can't take fuel subsidy and floating of currency at the same time

Good morning.... regardless of all that we go through...

Don't forget

Happiness keeps you sweet.
Trials keep you strong.
Sorrows keep you human.
Failure keeps you humble.
Success keeps you glowing.
But only Faith keeps you going

Cheers

I thought they said tinubu unified the naira dollar exchange rate and there's no more black market. Why are we still talking about black market and what exactly did tinubu do?

If we are not opening the economy up to encourage production

If we do not have ability to refine out crude oil

If we run a mono export economy

They we should not be surprised that the naira keeps falling

Hope u know what that means with respect to fuel prices....its now confidently smiling at 700 -800 naira a litre and above


They would tell you to suffer now and sacrifice, that you would enjoy later

But the ruling class is making absolutely no sacrifice

Till now
No governor of Central Bank
No Minister of Finance
No nothing

The country is on autopilot

For a man whose dream it is to be president but no concrete blue print to steer the nation

On fela voice, dey go use big big grammar for News paper, dabaru everything, the best way to hide something from Africa is to write it in papers.

What rubbish record low are you talking about. When the evil party took over in 2015, was it this high. We celebrate nonsense in this country that's why politicians are riding on our foolishness. APC Is an evil party and should not be allowed at the central. Let them be at the state level. Since they took over, Nigeria have not witnessed any significant improvement.
Rubbish. Demented agbodo munchers.

Tinubu is the worst thing to have ever happened to Nigeria

Favor914 : oloriburu omo ale, omo Ashewo. Koni da fun iwo ati awon ebi e

May God have mercy

Ok o. Make Una kuku crash everything, na politicians go still escape with their families.
Una wan Japa....dollars

Una wan buy fuel from abroad... Dollars

Una wan school abroad...... dollars

Foreigners come your land , do business big men supposed to create... Make profits.... Repatriate it to abroad.... Dollars....

You wan eat tin tomato, wine and the rest.... dollars...
Politicians steal your money.... Japa...... dollars....

Una wan buy fone from AliExpress... dollars

Wetin gan gan Una dey produce to give you back the dollars.....
Nothing.....
And you expect 1 dollar to be 1naira.

Nigeria is a complex country that economics application doesn't work. It has never worked, and it won't work until we sit right.

You think say na Obi, Tinubu or Atiku e go affect if everything goes out of hand? Never...


Isokay.. las las.. everyone go dey alright....

Alhamdulilla alhamdulilla alhamdulilla hahahha. May This 860 favor me and my family ooooh

Thank God say I dey make money in dollars...Thank God for Sunday Emedion...who introduced me to making money online in 2015...

Bro wherever you are God bless you richly...I lost your and it still pains me till today.

Back to the matter...una never see something, dollar go hit 1500 before December

Never been this bad...

where is the dollar to buy self?

the floating of the Naira is a great threat to the existence of the poor in Nigeria.
you float naira and remove subsidy at sam time.... jesus

clinician2x:
I thought they said tinubu unified the naira dollar exchange rate and there's no more black market. Why are we still talking about black market and what exactly did tinubu do?

without black market you won't able to source fx at a given time..

its like going to access a service in a government hospital with long queue to see the specialist which might take anytime from 2months.

are u willing to go to bank to wait 2 to 3 months to get Dollars? or you walk to the close by black market and get it today today as time is money
.
you might say there is dollars in the bank... please take a walk to the bank and demand for forex... they will say untill they get willing seller then they will u who is willing buyer... untill then no dollar for you.

black market will exist as long as there is scarcity of dollars in the bank.

same way private hospital will thrive once you can't access same service in government hospitals on time

Observant here I dey

With the devaluation of Naira, it is now crystal clear that anyone who invested in ONLY Naira denominated debt instruments without hedging has depleted their life savings.

From 2015 - 2023, the value of Naira has lost more than 380% in value. This demonstrates that no matter how much you compounded in the last 8 years. It is a TOTAL LOSS !



An interesting fact
"A" had $100,000 in 2015 and decided to invest in Nigerian debt instruments. A converted the funds to Naira @ N216/$ = N21,600,000. A locked in the funds for 10 years at 17% per annum.
After 8 years, A had an interest of N29,376,000. A total of N50,376,000 was realised after 8 years.

"B" had $100,000 but was lazy and decided to leave his own in a Dom acc with interest rate of 0.3%. Interest rate after 8 years was $2,400. Today, B decided to sell. Total capital and interest of $102,400 was sold @ N835/$ = N85,500,000. ("He doesn't have to sell yet"wink

A heard what B did and said had I known. Moral of the story, investing in debt instruments of a declining economy will only make you POOR. There is a reason why Dangote is the richest man in the world yet he uses public debt instruments to fund some of his projects.

COPIED

We'll celebrate $1000 by independence
Quite sad