Naira to Dollar crashes to all time low, now above 729/$1. See Today’s Exchange rate

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Naira to dollar , Dollar to Naira

The Naira to Dollar  has crashed to all time low and the exchange rate today has surpassed 729/$1.

The naira (sign: ₦; code: NGN) is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of naira.

The Nigerian currency value against the dollar continued to decline as of Thursday morning.

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The black market exchange rate of the naira to dollar has fallen dramatically on Thursday morning, September 29th, 2022, to trade at N730/$1, a 1.26% drop from N722/$1 traded the previous trading session. This is based on data collected from traders on the black market.

Black Market Dollar To Naira exchange rate today.

Naira to dollar falls to 725/ $ 1 today 29 September , 2022.

The move by the central bank to increase the interest rate to a 20-year high of 15.5%, representing a 150 basis point increase from the 14% stated at the previous MPC meeting, is what caused the exchange rate to decline.

While traders told Ejes Gist NewsOnline Nigeria that they sell dollars for up to N735 per $1 and buy between N725 and N730 per $1, Nairalytics exchange rate tracker claims that the rate at N730 per $1 is the highest on record.

Since the CBN stopped selling foreign exchange to Bureau de Change companies exactly 14 months ago, the naira has been in free fall as market liquidity has tightened. According to a quick scan of the data collected by Nairalytics, the exchange rate before the ban was trading at N518/$1 and has declined by a factor of N212/$1 in a little over a year.

The exchange rate for the USD dropped from N733.4/$1 in the previous session to N735/$1 on Thursday morning at the peer-to-peer cryptocurrency exchange.

Trading on official markets

On Wednesday, September 28, 2022, the official Investors and Exporters window’s closing exchange rate was N436.37 to $1, a slight depreciation of 0.01% from the previous day’s closing rate of N436.33 to $1.

On Tuesday, September 27, 2022, at the official Investors and Exporters window, the naira depreciated slightly against the US dollar by 0.08% to close at N436.33/$1, down from N436/$1 in the previous session. In the meantime, Tuesday’s total trading volume of $99.43 million was 27.31% higher than Monday’s $78.1 million.

The local currency, on the other hand, slightly depreciated by 1.44% in the cryptocurrency peer-to-peer FX market, to trade at a minimum of N733.4/$1 on Wednesday morning as opposed to N723/$1 on Tuesday, September 27, 2022.

Nigeria’s external reserve decreased by 0.2% from the previous day’s $38.46 billion to $38.39 billion as of September 26th, 2022. Due to the CBN’s ongoing intervention in the official market to preserve the stability of the local currency, the country’s foreign reserve has been on the decline.

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The exchange rate between the naira and the US dollar, on the other hand, closed at N436/$1 at the official Investors and Exporters window on Tuesday, September 27th 2022, a slight increase of 0.08% from N436.33/$1 recorded the previous session. Despite the uptrend in the exchange rate, forex turnover fell to $78.1 million on Monday, a 26.4% drop from $106.11 million last Friday.

Meanwhile, the local currency gained 0.84% on the cryptocurrency peer-to-peer FX market, trading at a low of N723/$1 on Thursday morning, up from N729.1/$1 at the same time on Monday, September 26th, 2022.

Nigeria’s external reserve stood at $38.46 billion on September 23, 2022, a 0.06% decrease from the previous day’s figure of $38.49 billion. The country’s foreign reserves have been declining as a result of the CBN’s ongoing intervention in the official market to keep the local currency stable.

Trading at the NAFEX official window
The official market exchange rate closed at N436/$1 on Monday, September 26th, 2022, representing a 0.08% increase over the previous day’s rate of N436.33/$1.

On September 26th, 2022, the dollar to naira exchange rate remains stable at N713/$1.

On Monday morning, September 26th, 2022, the parallel market exchange rate between the naira and the US dollar was N713/$1, a 0.14% depreciation from the previous week’s rate of N712/$1. According to information obtained from black market traders, this is the case.

 

Meanwhile, the official Investors and Exporters window exchange rate rose by 0.04% to close at N436.33/$1 on Friday, September 23, 2022, compared to N436.5/$1 the previous session. On Friday, a total of $106.11 million was traded at the window, representing a 4.3% increase over the previous session’s total of $101.74 million.

The local currency, on the other hand, depreciated further to a new record high in the cryptocurrency peer-to-peer FX market, trading at a minimum of N729.1/$1 on Monday morning, a drop of 1.14% from N720.9/$1 at the same time last week.

On the black market on September 23, 2022, the exchange rate dollar to Naira remains stable at N712/$1.

The parallel market exchange rate between the naira and the US dollar was N712/$1 on Friday morning, September 23, 2022, the same as in the previous trading session. According to information obtained from black market traders, this is the case.

Similarly, the official Investors and Exporters window remained stable, closing at N436.5/$1 on Thursday, September 22nd 2022, the same as the previous session. Meanwhile, a total of $101.74 million was traded at the window, a decrease of 24.06% from the previous session’s total of $133.97 million.

The local currency, on the other hand, depreciated further to a new record high in the cryptocurrency peer-to-peer FX market, trading at a minimum of N720.9/$1 on Friday morning, a decline of 0.31% from N718.69/$1 at the same time on Thursday.

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On September 22, 2022, the black market exchange rate between the naira and the dollar is N712/$1.

The parallel market exchange rate between the naira and the US dollar was N712/$1 on Thursday morning, September 22nd, 2022, compared to N712.5/$1 at the close of trade on Thursday. According to information obtained from black market traders, this is the case.

The local currency, on the other hand, depreciated further in the cryptocurrency peer-to-peer FX market, trading at a low of N718.6961 on Thursday morning, a 0.29% drop from N716.59/$1 at the same time on Thursday.

In addition, the naira fell marginally against the US dollar on Thursday, closing at N436.5/$1, down from N436.25/$1 the previous trading session. Meanwhile, a total of $133.97 million was traded at the window, a 5.33% decrease from the previous session’s total of $141.5 million.

On September 21, 2022, the black market exchange rate of naira to dollar falls to N713/$1.

On Thursday, September 21st, 2022, the parallel market exchange rate between the naira and the US dollar fell to N712.5/$1, representing a 1.1% depreciation from the close of trade on Tuesday. This is according to black market traders’ information.

Similarly, the local currency fell in the cryptocurrency peer-to-peer FX market, trading at a low of N716.59/$1 on Thursday morning, a 0.3% drop from the previous day’s low of N714.4/$1.

Meanwhile, the naira rose marginally against the US dollar on Tuesday, closing at N436.25/$1, up from N436.5/$1 the previous trading session. Meanwhile, a total of $141.51 million was traded at the window, representing a 244.98% increase over the $41.02 million recorded on Monday.

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Naira to dollar Exchange Rate History

When CBN Governor Godwin Emefiele made the decision to ban the sale of foreign exchange to BDC, the rate of exchange between the two currencies was approximately N501 to a dollar. The value of the naira to dollar, on the other hand, dropped to N710 to the dollar one year after the ban was implemented.

In an effort to further restrict the flow of foreign exchange on the parallel market, the apex bank in Nigeria threatened the previous week to detain and prosecute Nigerians who were using naira to purchase dollars. This was done in an effort to further restrict the flow of foreign exchange.

It is against the law for anyone to take money out of a bank in order to buy dollars. During a meeting of the Monetary Policy Committee (MPC) in Lagos, Mr. Emefiele stated that if you are detained by the security agencies, you will understand the implications of their actions.

However, Mr. Emefiele has come under fire for failing to implement measures that would have helped to stabilise the value of the nation’s currency on the foreign exchange market. These measures could have been implemented to help stabilise the value of the currency.

The value of the naira against the dollar at the Investors and Exporters window has decreased from N234 to N430 as of Friday. This decline in value has occurred since March 2014, when Godwin Emefiele took over as governor of the central bank.Naira to dollar , Dollar to Naira

What is the USD 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.

Thank you very much for reading. That is all the latest NewsOnline Nigeria on Naira to Dollar falls to all-time low at black market

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2 COMMENTS

  1. Nigerians don’t need the current CBN governor because he doesn’t know what he’s doing at all.
    Accept he is helping dauras to sale Dollars in black markets why should they leave him to continue distryi our economy?

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