As the Naira continues it’s nosedive following the floating of the currency by the Central Bank of Nigeria, trading as high as N800 to a Dollar in the black market on Thursday before recovering marginally to N790, the Apex bank has permitted International Oil Companies (IOCs) to commence sale of the greenback to banks in a move aimed at injecting liquidity into the Investors & Exporters (I&E) foreign exchange market, IgbereTV has learned.
According to BusinessDay, sources familiar with the matter revealed that developments in the foreign exchange market yesterday suggest that the restriction placed on the IOCs from selling dollars to dealing member banks had been lifted.
“We expect this to inject additional liquidity into the Investors & Exporters window and help address the existing backlog of US dollar demand in the market,” the source said.
The CBN’s acting governor, Folashodun Shonubi, has been reversing the policies of suspended Governor Godwin Emefiele since he was handed the job by President Bola Tinubu who only took the helm of affairs in Nigeria in May but has moved quickly in delivering the thorough house cleaning of monetary policy he promised.
Since floating the naira and ending years of a hard currency peg that drained dollars from the economy and spooked investors, the CBN is now focusing on boosting dollar supply to help ease the pressure on the naira which lost over 60 percent of its value in one fell swoop following the long overdue reform.
Meanwhile, below are the prevailing Black market (Parallel market) also locally known as ‘Aboki FX’ exchange rates for today Friday July 7, 2023 for the Dollar, Euro, Pounds and other foreign currencies as obtained in Lagos, Abuja and Kano markets.
Following the new policy of the Central Bank of Nigeria under President Bola Ahmed Tinubu, to float the exchange rate of the Naira against the united states’ dollar and other foreign currencies, IgbereTV will be bringing you updates as observed in the parallel market.
It is important to note that the rates you buy or sell forex may differ from what is captured in this report because prices fluctuate and can change in minutes depending on market forces
Below are the average prices observed in the forex black market also known as Aboki FX’ in Lagos, Abuja and Kano Today Friday July 7, 2023.
Dollar to Naira (USDNGN) Today
Buying N800
Selling N790
Euro to Naira (EURNGN) Today
Buying N 850
Selling N 840
Pounds to Naira (GBPNGN) Today
Buying N1015
Selling N995
CAD to Naira (CADNGN) Today
Buying N630
Selling N610
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