Right now, if you want to buy dollars with naira on the street (not at banks), you need more than N1,600 for one dollar. Our local currency, the naira, is struggling.
We checked on Newslodge, and it looks like the naira’s value is going down, just like what’s happening in the official banks.
Websites like Trove, Remitly, Bamboo, and PiggyVest are selling one dollar for over N1,630 as of Thursday, July 18, 2024.
How different platforms sell dollars
- On Remitly, a website for sending money, the rate is N1,632.96 for one dollar. On Trove, an investment website, it’s N1,632.01 for one dollar. Bamboo, another investment website, has a rate of N1,634 for one dollar.
- For PiggyVest’s Flex Dollar option, which is for saving in dollars, it costs N1,660 for one dollar.
- On ChipperCash, a website for sending money and investing, it’s a lot higher at N1,803.04 for one dollar.
What you should know
On Wednesday, the naira’s value went down to N1,620 in official markets, ending the day at N1,581.26 for one dollar. That’s a 0.32% drop.
Also, the amount of money exchanged dropped by 21.72% on Wednesday, going down to $108.16 million, according to FMDQ data.
Despite this, the Central Bank Governor, Yemi Cardoso, said in a Bloomberg TV interview that he thinks the worst is over for the naira in terms of its ups and downs.
During the interview, Cardoso said they have done well managing the currency crisis recently.
When asked if the naira would get stronger, he said it depends on many things, including how the country’s money and policies are handled.
Cardoso also mentioned that they are working on strong economic strategies to help the market.
To help the naira bounce back, the Central Bank said it will sell foreign currency (FX) to Licensed Bureau De Change (BDCs). This is to help people who need dollars for travel and other needs.
In a note signed by Acting Director A. A. Mahdi, it was stated that each BDC will get $20,000 at the rate of N1,450 for one dollar.
Just like in previous times, after selling currency to BDCs, it is hoped that the naira will get stronger again, especially with the rush of people traveling for summer holidays.