Naira To Dollar Crashes Massively at Black Market and Official Window

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Naira to Dollar

The Naira to Dollar exchange rate has again crashed dramatically at the Back Market and official window. 

The Naira on Tuesday crashed further against the US dollar. Starting this week, with a 0.19% depreciation to close at N425.75/$1 compared to N425/$1 exchange rate in on Monday trading sessions.

In the open market where USD and NGR are officially traded, the exchange rate climbed as high as N430.60 to the dollar on Tuesday morning.

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An exchange rate of N430.60 to the dollar was indeed the highest rate recorded in this trading week before it settled at N425.75 on Tuesday.

However, on Monday’s trading day, the Nigerian currency, the Naira, also depreciated and exchanged at N435 to the dollar and closed at N425/$.

Black Market Exchange Rate Today | USD to Naira.

Meanwhile, at the Lagos parallel market, the Rate, players buy the dollar for 605/$ and sell it for 610/$.

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At the official Investors and Exporters window on Tuesday, 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).

 

The information 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.

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