Naira at N1,520/$ on black market

On Thursday, the dollar was trading at N1,520 on the parallel market, sometimes known as the “black market,” which caused the naira to lose 1.32 percent of its value.

 In comparison to the N1,500/$ quote on Wednesday, this indicates a 1.32 percent loss. “People who wish to travel are in high demand,” a dealer stated on Thursday.

 According to data from the FMDQ Securities Exchange Limited, the dollar was quoted at N1,507.83 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, down 0.47 percent from N1,500.79 on Tuesday.

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.