Naira now N1,520/$ on black market

The naira on Thursday lost 1.32 percent of its value as the dollar was quoted at N1,520 on the parallel market, commonly referred to as the black market. This represents a 1.32 percent loss when compared to N1,500/$ quoted on Wednesday.

“There is much demand from people who want to travel,” one trader said on Thursday.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, the naira lost 0.47 percent as the dollar was quoted at N1,507.83 compared to N1,500.79 quoted on Tuesday, according to the data from the FMDQ Securities Exchange Limited.

Related News

On Wednesday the Central Bank of Nigeria (CBN) announced the discontinuation of its Price Verification System (PVS) Portal, effective July 1, 2024. This decision comes in light of recent developments in the Nigerian ⁴Foreign Exchange Market.

The Price Verification System Portal was an online platform introduced by the CBN to ensure that the prices of goods and services for foreign exchange transactions were accurately verified. It aimed to prevent over-invoicing and under-invoicing, thus ensuring fair pricing in Nigeria’s import and export activities.

“Without price verification, there is a higher risk of fraudulent activities such as over-invoicing and under-invoicing. Importers might declare incorrect prices to evade taxes or manipulate foreign exchange regulations,” an investment banker said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.