On the black market, the Nigerian naira to dollar exchange rate has reached an all-time low of N742/$1.
The naira has been under intense pressure in recent months as a result of severe forex scarcity.
The Central Bank of Nigeria is finding it difficult to defend the Naira due to a lack of dollar inflows into the country.
Dollar to Naira Black Market Exchange Rate Today.
On Friday evening, October 14th, 2022, the Dollar to Naira at black market exchange rate crashed further to a record low of N742/$1, a drop of 0.76% from the N738/$1 recorded on Thursday October 13th.
The value of Nigeria’s currency, the Naira, has continued to fall against the US dollar, and it is now officially at its lowest level in the official market.
Investors and exporters paid N441.17 per dollar on Friday, October 14, 2022, according to FMDQsecurities, where Naira is officially traded.
For the first time in history, Nigerians will pay more than N440 to exchange dollar at the official rate.
To buy one pound in the United Kingdom, Nigerians must spend at least N873.293. The Euro also reached a high of N740.6.
Why is the Nigerian naira weakening?
The fact that Nigeria is suffering from severe dollar shortages is no longer news, but the Nigerian National Petroleum Company Limited’s inability to export sufficient crude oil is weighing heavily.
Nigeria’s main source of foreign revenue is still oil, and the NNPC’s battles with crude oil thieves are severely limiting the amount of money entering the country.
This activity is affecting the Central Bank of Nigeria’s ability to meet the demand for dollars from Nigerians.
In addition, the US dollar is strengthening as the country’s interest rates rise.
This has brought in more investors while driving away foreign investors from Nigeria and other developing countries.
CBN reacts to the depreciation of the Nigerian naira.
Meanwhile, the Central Bank of Nigeria has advised Nigerians to stop purchasing dollars from black market traders.
According to Osita Nwanisobi, the CBN’s director of communication, black market traders are hoarding foreign currencies in order to create scarcity.
He promised that the CBN would continue to work hard to address both the demand and supply sides of the currency.
What is the Dollar to Naira exchange rate when Godwin Emefiele took Over?
On Thursday one dollar was worth N695 in the parallel market, which is a significant decrease from 2014, when one dollar was worth N180.
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