{"id":14498,"date":"2023-07-22T18:56:59","date_gmt":"2023-07-22T17:56:59","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=14498"},"modified":"2023-07-22T19:06:29","modified_gmt":"2023-07-22T18:06:29","slug":"nigerias-naira-hits-record-low-on-black-market-at-n860-1","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/","title":{"rendered":"Nigeria’s naira hits record low on black market at N860\/$1"},"content":{"rendered":"

Nigeria’s naira traded at a record low of N860 per dollar on the black market on Thursday, July 20\/2023, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week.<\/p>\n

The bank last month allowed the naira to weaken by more than a third in a bid to unify Nigeria’s multiple exchange rates and to lure foreign investment to shore up liquidity in an economy struggling with dollar shortages.<\/p>\n

Last month’s devaluation helped narrow the gap between the naira’s exchange rates on the official window and the black market but pressure is gradually building up, especially from individuals paying for expenses abroad.<\/p>\n

ALSO READ:\u00a0Fidelity Bank reclassified as medium price stock<\/a><\/strong><\/p>\n

The naira has been swinging widely on the official market since the devaluation. It touched a new low of N853 naira per dollar on Wednesday, according to OTC market regulator, FMDQ Exchange, Reuters<\/a> reported.<\/p>\n

\n
\n
\n

The currency closed at 742 naira against the dollar on the official market on Thursday, Refinitiv data showed.<\/p>\n

Dollar shortages on the official market have seen customers turning to the black market, helping to widen the gap between the spot rate and the black market, one trader said.<\/p>\n

Nigeria has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and the loosening of restrictions on foreign exchange trading, a gamble President Bola Tinubu hopes will boost sluggish economic growth.<\/p>\n<\/div>\n<\/div>\n

Analysts have warned that a weaker currency and the fuel subsidy removal would likely to push inflation higher in the short term.<\/p>\n

The central bank will meet on Monday and Tuesday to set interest rates with investors looking for measures to support the currency.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria’s naira traded at a record low of N860 per dollar on the black market on Thursday, July 20\/2023, according to traders, weakening below its official rate a month after the country devalued the currency […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":14500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,3,2],"tags":[625,444,41],"coauthors":[25],"class_list":{"0":"post-14498","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-latest-news","9":"category-top-news","10":"tag-dollar","11":"tag-naira","12":"tag-nigeria"},"yoast_head":"\nNigeria's naira hits record low on black market at N860\/$1 - The Daily Leaks<\/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:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria's naira hits record low on black market at N860\/$1 - The Daily Leaks\" \/>\n<meta property=\"og:description\" content=\"Nigeria’s naira traded at a record low of N860 per dollar on the black market on Thursday, July 20\/2023, according to traders, weakening below its official rate a month after the country devalued the currency [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\" \/>\n<meta property=\"og:site_name\" content=\"The Daily Leaks\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T17:56:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T18:06:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Daily Leaks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Daily Leaks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\"},\"author\":{\"name\":\"The Daily Leaks\",\"@id\":\"https:\/\/thedailyleaks.com\/#\/schema\/person\/f8c925b649b1f97adbac950d1c3b3c35\"},\"headline\":\"Nigeria’s naira hits record low on black market at N860\/$1\",\"datePublished\":\"2023-07-22T17:56:59+00:00\",\"dateModified\":\"2023-07-22T18:06:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\"},\"wordCount\":305,\"publisher\":{\"@id\":\"https:\/\/thedailyleaks.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg\",\"keywords\":[\"Dollar\",\"Naira\",\"Nigeria\"],\"articleSection\":[\"Business\",\"Latest News\",\"Top News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\",\"url\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\",\"name\":\"Nigeria's naira hits record low on black market at N860\/$1 - The Daily Leaks\",\"isPartOf\":{\"@id\":\"https:\/\/thedailyleaks.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg\",\"datePublished\":\"2023-07-22T17:56:59+00:00\",\"dateModified\":\"2023-07-22T18:06:29+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage\",\"url\":\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg\",\"contentUrl\":\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg\",\"width\":720,\"height\":493,\"caption\":\"A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria's Presidential elections, in Yola, Nigeria, February 22, 2023. REUTERS\/Esa Alexander\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thedailyleaks.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigeria’s naira hits record low on black market at N860\/$1\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thedailyleaks.com\/#website\",\"url\":\"https:\/\/thedailyleaks.com\/\",\"name\":\"The Daily Leaks\",\"description\":\"Leaking the news to you daily\",\"publisher\":{\"@id\":\"https:\/\/thedailyleaks.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thedailyleaks.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/thedailyleaks.com\/#organization\",\"name\":\"The Daily Leaks\",\"url\":\"https:\/\/thedailyleaks.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thedailyleaks.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2020\/04\/cropped-the-daily.jpg\",\"contentUrl\":\"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2020\/04\/cropped-the-daily.jpg\",\"width\":951,\"height\":236,\"caption\":\"The Daily Leaks\"},\"image\":{\"@id\":\"https:\/\/thedailyleaks.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/thedailyleaks.com\/#\/schema\/person\/f8c925b649b1f97adbac950d1c3b3c35\",\"name\":\"The Daily Leaks\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thedailyleaks.com\/#\/schema\/person\/image\/9ed634616a92b4752ad81e6ecd82f685\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6e4ac76dd2b10941f8d9f5c1476c92cc?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6e4ac76dd2b10941f8d9f5c1476c92cc?s=96&d=mm&r=g\",\"caption\":\"The Daily Leaks\"},\"url\":\"https:\/\/thedailyleaks.com\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria's naira hits record low on black market at N860\/$1 - The Daily Leaks","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/","og_locale":"en_US","og_type":"article","og_title":"Nigeria's naira hits record low on black market at N860\/$1 - The Daily Leaks","og_description":"Nigeria’s naira traded at a record low of N860 per dollar on the black market on Thursday, July 20\/2023, according to traders, weakening below its official rate a month after the country devalued the currency [...]","og_url":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/","og_site_name":"The Daily Leaks","article_published_time":"2023-07-22T17:56:59+00:00","article_modified_time":"2023-07-22T18:06:29+00:00","og_image":[{"width":720,"height":493,"url":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg","type":"image\/jpeg"}],"author":"The Daily Leaks","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Daily Leaks","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#article","isPartOf":{"@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/"},"author":{"name":"The Daily Leaks","@id":"https:\/\/thedailyleaks.com\/#\/schema\/person\/f8c925b649b1f97adbac950d1c3b3c35"},"headline":"Nigeria’s naira hits record low on black market at N860\/$1","datePublished":"2023-07-22T17:56:59+00:00","dateModified":"2023-07-22T18:06:29+00:00","mainEntityOfPage":{"@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/"},"wordCount":305,"publisher":{"@id":"https:\/\/thedailyleaks.com\/#organization"},"image":{"@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage"},"thumbnailUrl":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg","keywords":["Dollar","Naira","Nigeria"],"articleSection":["Business","Latest News","Top News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/","url":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/","name":"Nigeria's naira hits record low on black market at N860\/$1 - The Daily Leaks","isPartOf":{"@id":"https:\/\/thedailyleaks.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage"},"image":{"@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage"},"thumbnailUrl":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg","datePublished":"2023-07-22T17:56:59+00:00","dateModified":"2023-07-22T18:06:29+00:00","breadcrumb":{"@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#primaryimage","url":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg","contentUrl":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg","width":720,"height":493,"caption":"A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria's Presidential elections, in Yola, Nigeria, February 22, 2023. REUTERS\/Esa Alexander"},{"@type":"BreadcrumbList","@id":"https:\/\/thedailyleaks.com\/nigerias-naira-hits-record-low-on-black-market-at-n860-1\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thedailyleaks.com\/"},{"@type":"ListItem","position":2,"name":"Nigeria’s naira hits record low on black market at N860\/$1"}]},{"@type":"WebSite","@id":"https:\/\/thedailyleaks.com\/#website","url":"https:\/\/thedailyleaks.com\/","name":"The Daily Leaks","description":"Leaking the news to you daily","publisher":{"@id":"https:\/\/thedailyleaks.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thedailyleaks.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thedailyleaks.com\/#organization","name":"The Daily Leaks","url":"https:\/\/thedailyleaks.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thedailyleaks.com\/#\/schema\/logo\/image\/","url":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2020\/04\/cropped-the-daily.jpg","contentUrl":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2020\/04\/cropped-the-daily.jpg","width":951,"height":236,"caption":"The Daily Leaks"},"image":{"@id":"https:\/\/thedailyleaks.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/thedailyleaks.com\/#\/schema\/person\/f8c925b649b1f97adbac950d1c3b3c35","name":"The Daily Leaks","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thedailyleaks.com\/#\/schema\/person\/image\/9ed634616a92b4752ad81e6ecd82f685","url":"https:\/\/secure.gravatar.com\/avatar\/6e4ac76dd2b10941f8d9f5c1476c92cc?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6e4ac76dd2b10941f8d9f5c1476c92cc?s=96&d=mm&r=g","caption":"The Daily Leaks"},"url":"https:\/\/thedailyleaks.com\/author\/admin\/"}]}},"jetpack_featured_media_url":"https:\/\/thedailyleaks.com\/wp-content\/uploads\/2023\/07\/Screenshot_20230722_185252_Chrome.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/posts\/14498"}],"collection":[{"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/comments?post=14498"}],"version-history":[{"count":1,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/posts\/14498\/revisions"}],"predecessor-version":[{"id":14501,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/posts\/14498\/revisions\/14501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/media\/14500"}],"wp:attachment":[{"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/media?parent=14498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/categories?post=14498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/tags?post=14498"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/thedailyleaks.com\/wp-json\/wp\/v2\/coauthors?post=14498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}