The Naira was devalued to 85 naira while at same time the black market exchange rate was 105 to $1. He quickly introduced the Interbank Foreign Exchange Market (IFEM) which aim was to narrow the gap between the official exchange rate and the black exchange rate. Joseph Sanusi (CBN governor 1999 to 2004)Īfter the military boys left government and handed over to a Democratically elected government, Joseph Sanusi was appointed CBN governor, Note that the official exchange rate was 22 naira, the black market exchange rate was around 88 naira to 1 $.
Infact black market exchange rate became much pronounced more than ever in the history of Nigeria.
Expert now suggests that this gave birth to forex black market.
The government then was only able to achieve this feet with a rigid exchange rate. Please note that oil price under Sani Abacha regime was hovering around $20 per barrel and Nigeria was faced with numerous economic problems and some level of economic sanctions by the West leaving the government with little amount of dollars to go round the economy. At that time the regime introduced the Autonomous Foreign Exchange Market (AFEM) that engaged in the the sale of Naira to those who need it. The Naira was exchanged at 22 naira for $1 officially. Late President Sani Abacha held the Naira with an iron grip for a period of five years. To speed up industrialization as witness in China and other country with weaker currency. Things did not get much better as most people expected at least a weaker naira should help the economy A United States Dollar ($1) was exchange at 90 koboīut by 1993 after the brahim Babaginda’s regime came to an end the Naira has sheded much value and was exchange at 11 naira for $1.Īt this critical point the country had to introduce the bureaux de change. It will be recalled before now (around 70s), the Naira enjoys a better exchange rate against the Dollar. The then administration had no choice rather than to accept the conditionality because of the pressure the Naira and the economy as a whole was under. The Second-Tier Foreign Exchange Market (SFEM) is a product of the IMF which was presented to former President Ibrahim Babaginda’s regime. President Ibrahim Babaginda’s Second-Tier Foreign Exchange Market (SFEM) Our team are constantly monitoring the USD/NGN (Dollar to Naira) exchange rate and updating accordingly. All figures here are for information purposes ONLY. Remember that the currency symbol for Dollar (US Dollar) is $. įrom the standpoint of view the market seems to be indicating for a further fall The United States Dollar has been maintaining a steady rise in the last few months against the Naira in the parallel market. We bring to you USD/NGN (Dollar to Naira) exchange rate today based on Black Market rate, Lagos, Nigeria today, being This is coming at a time after the Central Bank hit hard on Abokifx forcing the online portal to shut down it services In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday. Pouch correspondent, who visited the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for N574 as opposed to the N570 it was sold for previous.
While in Southend of Nigeria, In Uyo, dealers said it traded at 570 a dollar in the morning but rose to 575 at the close of business.
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