Data from the official window and the black market has shown that the dollar rate gap between both forex channels has increased to N244.92 kobo.
Ripples Nigeria learnt that the exchange rate gap rose by N23.17 kobo as of the close of trading activities on Tuesday, from N221.75 kobo as of Monday.
Note that the foreign exchange market didn’t open on Wednesday due to the Muslim public holiday, Eid el-Maulud.
In a forex data obtained from the FMDQ Exchange, it was reported that the naira to dollar rate settled at N755.08/$1 in the investors’ and exporters’ window on Tuesday.
This is significantly below the asking price of the dollar in the parallel market, where naira traded at N1000 per USD, according to reports from the Bureau De Change market.
While speaking with some of the bureau de change operators, Ripples Nigeria gathered that foreign exchange remain low in the parallel market.
Also, the official window is struggling with scarcity, which has prevented many banks from resuming international transactions on their naira card.
So as demand overshoot supply, the black market operators said the price of the dollar rises on the back of depreciating naira.
To solve the forex problem, Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, suggested that the BDCs and the banks should be reformed.
He further opined that the number of bureau de change centres, which is over 5000, should be reduced to 200, stating that thousands of BDCs cannot be properly regulated.
Fasua said: “If we can do the structural reforms in the BDCs sector and the banks and supervise them well, the CBN with our reserves can incentivize that sector, allowing people to get money much quicker.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...