Dollar to Naira Black Market Exchange Rate Today , Black Market Dollar To Naira Exchange Rate Today Naira to Dollar

The Naira again crashed to its lowest value against the dollar on the first trading day in 2022.

 

The currency, which is managed by the central bank again crashed to an all-time low against the United States dollar and is currently trading at ₦426.25 at the official window after opening yesterday at ₦420.67.

The official Investors and Exporters (I & E) window exchange rate between the naira and the US dollar closed at N435/$1, the highest rate on record.

The Naira crashed against the US dollar on Tuesday, opening at 426.25/$ and closing at N435/$1 on Friday 31st December 2021. This represents a 5.82% depreciation compared to the N415/$1 recorded in the Friday trading session.

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The drop of 5.82 percent is the largest in either direction since 2021. The last time the official market saw such a swing was on October 31st, 2021, when the rate fell 4.12 percent to close at N410.25.

 

On Friday, the Naira depreciated against the US dollar on the black market, opening at 570.02/$ and closing at N575/$.

In 2021, the Investors and Exporters Window (I&E), where forex is officially sold, recorded a transaction value of $32.3 billion in forex turnover.

This is according to data on the FMDQOTC compiled daily by Ejes Gist News. Over the last two years. The total amount bought and sold at the official forex market in Africa’s largest economy is represented by forex turnover at the FMDQOTC.

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Since 2012, the currency has weakened every year.

As investors try to predict the central bank’s exchange rate direction, the naira has fluctuated widely in 2021 around a largely fixed spot rate of around 415.

Since early October, the Central Bank of Nigeria has been selling the dollar to investors at a rate of 437 to 444 naira per dollar.

In order to manage demand for the dollar, Africa’s largest economy uses multiple exchange rates, including one for investors and exporters and others for government transactions, small businesses, and travelers.

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Since March 2020, the Abuja-based central bank has devalued the currency three times as lower oil revenues put pressure on the country’s reserves, despite calls from the International Monetary Fund and the World Bank for the multiple rates to be merged.

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In a pre-election year, the central bank is unlikely to allow exchange rate convergence, according to Cheta Nwanze, a lead partner with SBM Intelligence. Nwanze stated, “That is a huge political risk.”

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