{"id":216566,"date":"2022-09-15T08:11:35","date_gmt":"2022-09-15T07:11:35","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=216566"},"modified":"2022-09-15T08:11:35","modified_gmt":"2022-09-15T07:11:35","slug":"naira-falls-to-n707-1-at-black-market-as-forex-scarcity-persists","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/09\/15\/naira-falls-to-n707-1-at-black-market-as-forex-scarcity-persists\/","title":{"rendered":"Naira falls to N707\/$1 at black market, as forex scarcity persists"},"content":{"rendered":"<p>On Wednesday, the parallel foreign exchange market saw a decline in the value of the Nigerian naira, falling to N707 per dollar.<\/p>\n<p>In comparison to the N658 it traded for last week, the figure represents a N42 or 7.45% depreciation, further eroding its value against the <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/08\/11\/naira-value-rises-at-exchange-markets-as-efcc-continues-traders-arrests\/\">US dollar<\/a>.<\/p>\n<p>Street traders said the free fall resulted from the lingering foreign exchange (FX) supply constraints.<\/p>\n<p>With a profit margin of N17, the traders put the buying price at N690 and the selling price at N707.<\/p>\n<p>This is even as the Central Bank of Nigeria (CBN) has often maintained that the parallel market is not the true reflection of the naira.<\/p>\n<p>The difficulties getting dollars from the official market, make the option of the black market an important source to <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/08\/16\/naira-crumbles-again-to-dollar\/\">access forex<\/a>.<\/p>\n<p>Meanwhile, at the official market, FMDQ securities reports that Naira closed Wednesday trading at N436.50 to a dollar reversing the 0.10 per cent gain recorded on Tuesday.<\/p>\n<p>The depreciation of the local currency comes as forex supply to the investors and importers window dropped to $65.95 million from $83.71million recorded on Monday.<\/p>\n<p>The latest exchange rates imply that the disparity between the black and official markets now stands at N270.5.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, the parallel foreign exchange market saw a decline in the value of the Nigerian naira, falling to N707 per dollar. In comparison to the N658 it traded for last week, the figure represents a N42 or 7.45% depreciation, further eroding its value against the US dollar. Street traders said the free fall resulted [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":204748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"https:\/\/www.ripplesnigeria.com\/naira-falls-to-n707-1-at-black-market-as-forex-scarcity-persists\/","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":""},"jnews_override_bookmark_settings":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587],"tags":[46297,10786,14565,46296,295,46298],"class_list":["post-216566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-black-market","tag-falls","tag-forex","tag-n707-1","tag-naira","tag-scarcity-persists"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Naira falls to N707\/$1 at black market, as forex scarcity persists<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/09\/15\/naira-falls-to-n707-1-at-black-market-as-forex-scarcity-persists\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira falls to N707\/$1 at black market, as forex scarcity persists\" \/>\n<meta property=\"og:description\" content=\"On Wednesday, the parallel foreign exchange market saw a decline in the value of the Nigerian naira, falling to N707 per dollar. In comparison to the N658\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/09\/15\/naira-falls-to-n707-1-at-black-market-as-forex-scarcity-persists\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-15T07:11:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/07\/ify_davies\/2022\/07\/20\/Dollar-and-Naira.png\" \/>\n\t<meta property=\"og:image:width\" content=\"599\" \/>\n\t<meta property=\"og:image:height\" content=\"339\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Davies Ngere Ify\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@withinnigeria\" \/>\n<meta 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