Dollar To Naira Exchange Rate For Today, January 15, 2024

Traders at the Lagos Parallel Market (Black Market) bought a dollar for N1,275 and sold it at N1,285 on Sunday, 14th January 2024, according to sources at the Bureau De Change (BDC).

However, the naira appreciated to N894.90 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

The CBN had declared “The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.

“Re-introduction of the ‘Willing Buyer, Willing Seller’ model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DlR/ClR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.”

Since then, the naira has weakened steadily to solidify its place as one of the worst-performing currencies in Africa.

The World Bank recently stated, “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.”

The move to unify the foreign exchange market coupled with other factors such as the removal of fuel subsidy has led to a drastic surge in inflation in the country.

The country’s prices of goods and services have worsened, and the Federal Government recently said, “The unification of the Foreign Exchange market segments continues to weigh on consumer prices.”