NewStats: 3,261,779 , 8,175,117 topics. Date: Friday, 30 May 2025 at 01:40 PM 47626x

The Exchange rates between the naira and the dollar in the official and black markets have finally converged The naira has been trading at an average rate of N1,600 per dollar in the official and parallel markets in all the markets The disparity between the two markets has narrowed to just about two per cent as Nigeria seeks to end the naira’s volatility

.The Nigerian currency, the naira, has fallen to an all-time low of N1,600 per dollar in both the official and parallel markets following the devaluation of the naira. The Nigerian government recently devalued the local currency in the official market for the second time to bring it closer to the parallel market, thereby closing the yawning gap between the two FX rates.

The development followed a clampdown on the cryptocurrency platform Binance, which has been blamed for the continued crash of the naira in all markets.

According to reports, FX rates in official and unofficial parallel markets have averaged about N1,600 per dollar, fluctuating most of the time between N1,590 and N1,630 per dollar. According to market watchers, the development has led to a 2% disparity below the 5% considered acceptable between the two FX rates. The margin has remained consistent for about nine days, with a below one per cent disparity.

Traders have reportedly begun aligning with the official FX rates since Binance turned off its naira feature on the platform. Predictions for naira as rates fall Another Economist Intelligence Unit (EIU) report indicates that the Nigerian currency will fall as low as N2,000 per dollar in 2024.

Data from NAFEM shows that on Friday, March 8, 2024, the naira depreciated to about N1,637 per dollar in the official market, while traders quoted the intraday high at N1,640 per dollar and a low of N1,413 per dollar. The Nigerian government collapsed the various FX windows on June 14, 2023, in a Forex reform that has seen the naira lose over 50% of its value. The Central Bank of Nigeria stopped its interventions in the FX markets to allow the naira to float and ‘find its true value.’ The apex bank recently reintroduced the weekly sales of Forex to Bureau de Change (BDC) operators to enhance the naira’s performance against the dollar. US Bank predicts exciting new naira to dollar exchange rate Legit.ng reported that Goldman Sachs expected that the Nigerian currency, the Naira, would appreciate against the US dollar and exchange at N1 200/$ in 12 months.

This was stated in a Goldman Sachs report titled Nigeria- Turning the Corner. The investment bank explained that its positive outlook for the Naira is hinged on favourable accurate rates, capital inflows, and evidence of a shift to a more orthodox policy set-up. The move is seen as a market-friendly reform introduced by President Bola Tinubu, who floated the naira immediately after he became president in May 2023.

https://www.legit.ng/business-economy/economy/1582840-exchange-rates-official-parallel-market-converge-binance-exits-nigerian-market/

It's getting crazier by the day

FTC

I pray it appreciates. Although I don’t trust their judgement.

May this convergence and divergence of dollars to naira favour me and my family.

That's great. Once the disparity is closed, we can now work on making the naira stronger.

Actually, it's now more than 9 days. Great job by the CBN and Mr President. Binance and other criminal crypto money-laundering channels must be held to for their financial crimes committed against the nation.

Mallam Ribadu and Cardoso must never leave those two Binance small fries and their collaborators within Nigeria until the identity and details of those behind the $26 billion moved through their platform last year is unveiled and all of them prosecuted.

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira. We were using hard-earned money that we should use to build schools, roads, electricity etc and FG still took loans to defend the naira against the dollars some unpatriotic elements and criminal foreigners were manipulating FG must hold them to o.

God bless Nigeria for ever! Check my signature for free stuffs!

Celestialsword:

https://www.legit.ng/business-economy/economy/1582840-exchange-rates-official-parallel-market-converge-binance-exits-nigerian-market/

Until naira goes back to 215 per dollar, APC remains a failed party

FreeStuffsNG:
It's now more than 9 days. Great job by the CBN and Mr President.
God bless Nigeria for ever! Check my signature for free stuffs!

Did you just say great job ? From 750 a dollar to 1,600 naira. Keep playing.

May God help Us

9ja how far? Ovoko

If you steal and went on to use the proceeds as a means to proffer goodness to humanity, it will always have the aura that stinks!, it will still stink! For the fact it was stolen it's rotten!

Henkeh05:


Until naira goes back to 215 per dollar, APC remains a failed party

Abacha left it around 25 per dollar.

PDP took it to 10x and APC have done almost 10x too lol

That means there is no hope for it to go back to even the #700 to $1 where he met it.

Damian911:
It's getting crazier by the day

FTC

You were typing with sleepy or ogogoro eyes

FreeStuffsNG:
It's now more than 9 days. Great job by the CBN and Mr President.
God bless Nigeria for ever! Check my signature for free stuffs!

Enemies of Nigeria are coming for you.

First is to stabilise the rates and then work to lower the rates.

Anything beyond #1000 to a dollar is still unacceptable.
The battle hasn't been won yet.

Isn't there any punishment for speculators and saboteurs, both within and outside the government that drove us to this level?

If Tinubu cannot improve positively on what he met on the ground when he grabbed power, he should take us back to where he met us. #700 to a dollar. Anything else is mere propaganda, deceiving himself and his gullible ers.

Nawao…dollar Jonathan left at less than 200n and Buhari at 600n . This is the man Agbadorians said built Lagos, is better than Peter Obi and would rebuild Nigeria but have turned out an abysmal failure worse than buhari. Tinubu have destroyed Nigeria…..everybody now knows the people who are the problem of Nigeria

True.... Was forced to sell some dollars in my dorm to the bank. No point going to Aboki again.

sweetkev:
Did you just say great job ? From 750 a dollar to 1,600 naira. Keep playing.

Can you not understand that the fed govt use to pay a huge amount the to keep it at 750 to a $? Now this is the true value of the naira. No govt intervention no govt defense. If everyone needing to xchange naira to $ or $ to naira goes through the official window instead of black market then we can see the naira appreciating further.

Soo binance is richer than dangote!! Imagine $26b only in nigeria.

Ok naa.
We wait

These people even know the meaning of all-time high and all-time low?

Jbleenk:


Can you not understand that the fed govt use to pay a huge amount the to keep it at 750 to a $? Now this is the true value of the naira. No govt intervention no govt defense. If everyone needing to xchange naira to $ or $ to naira goes through the official window instead of black market then we can see the naira appreciating further.

They used to spend a lot to keep the naira low to keep life a little simple for the citizens. Now, government stopped spending that money and threw everyone into abject poverty what's the sense in that?

The solution is Nigeria to be a producing economy...more exportation of goods and less Importation of goods and for nigerians to value and patronize what they have in their country... It's not everytime we patronize and go for foreign goods and foreign things, foreign universities, foreign hospitals abroad for medical treatment ..and you will see that the dollars will crash and the naira appreciates and have more value against the dollars

FreeStuffsNG:
Actually, it's now more than 9 days. Great job by the CBN and Mr President. Binance and other criminal crypto money-laundering channels must be held to for their financial crimes committed against the nation.

Mallam Ribadu and Cardoso must never leave those two Binance small fries and their collaborators within Nigeria until the identity and details of those behind the $26 billion moved through their platform is unveiled and all of them prosecuted.

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira.

God bless Nigeria for ever! Check my signature for free stuffs!

Did you just say great job?

Who is doing a great job?

It was about #700 to a dollar when Tinubu took over, and in just nine months of being in power, he crashed it to the extent that the naira was exchanging at #1950 to a dollar. Then appreciated marginally to #1600 to a dollar, and you refer to it as a great job.

Honestly, Tinubu ers are the worst set of homosapiens to have ever emerged on the surface of this planet.

Jbleenk:


Can you not understand that the fed govt use to pay a huge amount the to keep it at 750 to a $? Now this is the true value of the naira. No govt intervention no govt defense. If everyone needing to xchange naira to $ or $ to naira goes through the official window instead of black market then we can see the naira appreciating further.

Keep deceiving yourself. Well I know if you don't defend the clueless government, you won't get paid. So I understand.

Imagine , agbados are celebrating this economic sabotage, I thought they said that they will be selling to BDC at not more than N1300, now sometimes parallel market are even lower than official, to accumulating naira just to embezzle, if executive is not stealing, I don't think senate will be stealing too.
they only raised the exchange rate to amass more money to steal.

The government is the one empowering this disparities and encouraging all these abokì bureau de change people.

GOVERNMENT HAS BLOCKED ALL LEGAL CHANNELS FOR ONE TO GET FX.

THE NAIRA CARD IS SO USELESS, EVEN IF YOU WANT TO BY SOMETHING OF $1 FROM ANY OF THESE FOREIGN E-COMMERCE WEBSITE OR PAY FOR A SERVICE, IT'S IMPOSSIBLE.

GOVERNMENT IS RESPONSIBLE FOR DEVALUATION OF THE NAIRA.

USELESS THIEVES

Ok not bad , if the naira finds its levels and fluctuate narrowly then the floating is a success

Jbleenk:


Can you not understand that the fed govt use to pay a huge amount the to keep it at 750 to a $? Now this is the true value of the naira. No govt intervention no govt defense. If everyone needing to xchange naira to $ or $ to naira goes through the official window instead of black market then we can see the naira appreciating further.

Your agbado master should know there is a big difference between macro economics and tax collection.
So he is saving money so as to throw more people into poverty and companies to keep declaring loss? From subsidy removal to floating of naira, he kept making mockery of himself.