• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Naira losses 23% value in the third quarter of 2023

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
64
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Naira losses 23% value in the third quarter of 2023 

The Nigerian currency, the naira, has suffered a significant depreciation in the third quarter of 2023, according to official and unofficial data.  

The third quarter of 2023 has closed with startling figures for the Nigerian economy as the Naira faced a significant depreciation in value.  

According to data gathered by Nairametrics, the official exchange rate at the end of Q3 was N755.27/$1, a noticeable drop from N769.25/$1 at the end of Q2.  

However, it’s the parallel or “black” market that paints a more distressing picture, with the rate plummeting from N770/$1 to N1000/$1 over the same period—a staggering 23% loss. 

Simultaneously, the external reserves have slipped from $34.1 billion at the end of Q2 to $33.2 billion, raising further questions about Nigeria’s economic stability.  

The widening gap between the official and unofficial rates reflects the persistent scarcity of foreign exchange in the country, as well as the divergent policies of the CBN and the market forces.  

RelatedPosts

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

The central bank has blamed the forex backlog estimated at between $6 billion to $10 billion as the major reason for the currency depreciation.

At the recent Senate confirmation of the central bank governor, Yemi Cardoso stated that he intends to establish the exact unsettled obligations and find ways to “take care of it” confirming that progress will not be made without clearing the backlog. 

  • “Number one- it is that of which I’ll term an operational issue. Right now, we have a situation where we are aware there are unsettled obligations of the central bank whether it is $4bn, $5bn, $7bn, I don’t know.” 
  • “But definitely, the immediate priority will be to verify the authenticity and extent of the unsettled obligation and once we do that, we need to look for a way to take care of it. 
  • It would be naive for us to think we will be able to make progress if we don’t handle that side of the foreign exchange” 

The naira’s weakness has had negative impacts on the Nigerian economy, as it has increased the cost of imports, fuelled inflation, eroding purchasing power, and discouraged investment.

The inflation rate rose to 25.8% in September, according to the National Bureau of Statistics (NBS). 

The outlook for the naira remains bleak, as analysts expect further pressure on the currency in the fourth quarter of 2023. The exchange rate experienced a sharp depreciation in November 2022 after the apex bank announced its currency redesign policy.  

The CBN may have to devalue the official rate again to align it with the market reality and conserve its dwindling external reserves, which fell from $34.1 billion at the end of June to $33.2 billion at the end of September.  

Nairametrics analysts however suggest a further devaluation might be avoided if the apex bank is able to meet its obligations to clear forex backlogs. However, achieving this might require the government tap new loans from friendly countries.  

Without this, experts with hawkish views opine the parallel market rate may also breach N1100/$1 by December, as demand for dollars increases ahead of the festive season and amid a new wave of Nigerians seeking to “Japa” in the new year. 

Source: nairametrics
Via: norvanreports
Tags: CBNdollarnairaNaira losses 23% value in the third quarter of 2023
No Result
View All Result

Highlights

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Nigeria Exiting Years of Economic Doldrum But Hard Road Ahead Still

ChatGPT Captures 48.36% of All AI Tool Traffic

Aid to Regional Partnerships: Japan’s New Strategic Approach to Economic Engagement with Africa

President Mahama in Singapore to Court Investment and Deepen Bilateral Ties

Trending

Features

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Nurturing Dreams: Ghana's Football Future Blossoms with Talent Identification Initiative The Ghana Football Association (GFA) is reinforcing...

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

August 25, 2025

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

August 25, 2025

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

August 25, 2025

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.