The Exchange Rate between the Naira and Dollar opened the week at #1,200 /$1 on P2P platforms on Monday, Oct 23. The Implication of this is that the naira is 3.41 Percent weaker than on Friday, Oct 20, When it closed at #1,170 on the same Market. This week on the Black Market Where the Exchange Rate is sold unofficially, quotes are going for #1,200/ $1 for cash trades and #1,250-#1300 for wired transfers.
By the close of business on Monday, October 23, 2023, Some Traders quoted wired transfer rates at about #1,300/$1 while cash transactions were being quoted for #1,240. The P2P Rate also closed the day at about #1,220/$1.
Meanwhile, as the black market ratio depreciates the official rates gained on Monday, Oct 23, Closing at #793.34/$1 Compared to #808/$1 reported at the end of last week. The Minister of Finance and Coordinating The Economy, Mr Wale Edun said on Monday that around $10 billion of forex inflows is expected within weeks rather than months. Speaking during a panel session at the ongoing Nigeria Economic Summit he said ” In addition from the supply of foreign exchange through NNPC, Increase production, reduced expenditure, from transactions such as forward sales, From our discussion with Sovereign Wealth Funds That are ready to invest and provide advanced alongside investment, There is a line of Sight of $10 billion worth of foreign exchange in the relatively near future in weeks. He concluded
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