The Naira to Dollar exchange rate has again plummeted massively at the Back Market and official window.
The naira to dollar exchange rate has plummeted to 710 on the black market.
The Naira on Wednesday crashed further against the US dollar. The Naira depreciated by 1.38% and traded at N430.00/$1 when compared to the N425/$1 exchange rate in the Tuesday trading sessions.
In the open market where USD and NGR are officially traded, the exchange rate climbed as high as N440.60 to the dollar on Wednesday morning.
An exchange rate of N440.60 to the dollar was indeed the highest rate recorded in this trading week, before closing at N425.75 on Wednesday .
However, on Tuesday’s trading day, the Nigerian currency, the Naira, also depreciated and exchanged at N427 to the dollar before closing at N425.75/$.
Dollar to Naira Black Market Exchange Rate Today | USD to Naira.
Meanwhile, at the Lagos parallel market, the Dollar to Naira Black Market Exchange Rate, players buy the dollar for 650/$ and sell it for 710/$.
The depreciation of the local currency follows the 51.26% increase in the amount of forex supplied in the official market. A total of $95.58 million in FX was traded on Wednesday, July 24th, 2022, an increase compared to the $63.19 million that exchanged hands on Friday, last week.
On the other hand, the exchange rate at the parallel market fell by 1.69% to close trading activities on Wednesday at N700/$1 compared to N640.5/$1 recorded in the previous trading session. This is according to information from Bureau de Change operators.
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At the official Investors and Exporters window on Wednesday , foreign exchange transactions totalled 81.99 million dollars.
The total assets of Nigerian banks increased by N11.15 trillion in a year to N64.32 trillion as of the end of April.
According to data retrieved from the website of the Central Bank of Nigeria (CBN).
Data showed that commercial banks’ assets increased from N53.17 trillion in the same period of 2021. The figures for 2022 indicated a 21% rise during that time.
Data from the Central Bank of Nigeria (CBN), confirmed that the number of Bureau de Change (BDC) operators have increased more than 75 times in 16 years. It increased from 74 in 2005 to 5,689 in 2021.
The number of BDCs has increased from 2,839 in 2015 to a level that is over 100%.
Investigation affirmed, the enormous growth in the number of BDCs was brought on by alluring exchange rate premiums.
As of July 26, 2022, the difference in exchange rates between the official and BDC rates is N188, or 44.02 percent.
The BDC rate closed at N615 on July 26, 2022. Whereas the Investors and Exporters forex window rate was at N427.75 per dollar as of July 25, 2022.
Experts have confirmed that the constant decline in the naira to dollar exchange rate is due to multiple exchange platforms.
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