As Nigerian FX liquidity remains low, the Naira to Dollar has fallen to an all-time low in the black market.
The Exchange rate between naira to dollar falls to N706/$ at the black market on 10th September 2022
The naira to dollar exchange rate fell further on Saturday, September 10th, 2022 morning, trading at an average of N706/$1 compared to N704/$1 in the previous trading session.
According to information obtained from black market operators, this is the case. According to the traders, they buy dollars from individuals at a rate of N700 and sell them at a rate of N706/$1 on average, depending on the quantity.
Furthermore, the official Investors and Exporters window exchange rate fell further to close at N436.5/$ on Wednesday, September 9th, 2022, representing a 0.11% depreciation from the previous trading session’s N436/$1.
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The official market saw a total of $82.23 million traded, which is 30.4% more than the previous trading session’s total of $63.05 million.
On the other hand, the cryptocurrency peer-to-peer FX market exchange rate rose slightly by 0.05% to N706.2/$1 on Friday morning, up from N706.54/$1 the previous day at the same time.
Nigeria’s foreign reserve stood at $38.92 billion on Tuesday, September 6, 2022, a 0.05% decrease from the previous day’s figure of $38.94 billion. The country’s foreign reserves have been declining as a result of the CBN’s constant intervention in the official market to keep the local currency stable.
The official market exchange rate closed at N436.5/$1 on Wednesday, September 7, 2022, up from N436/$1 in the previous trading session.
On Wednesday, September 9th, 2022, the opening indicative rate closed at N431.88/$1, compared to N433/$1 the previous day.
Furthermore, the highest intra-day rate recorded was N437.5/$1 before it settled at N436.5/$1, while it traded as low as N418/$1 during intra-day trading.
On Wednesday, a total of $82.23 million in FX value was traded in the Investors and Exporters window, which is 30.42% more than the previous day’s total of $63.05 million.
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The naira fell to a record low of N436/$1 at the official Investors and Exporters window. This represents a 0.29% depreciation from the previous trading session’s N434.75/$1.
The official market saw a total of $63.05 million in FX value traded. That is a 36.8% decrease from the previous trading session’s total of $99.68 million.
In addition, the cryptocurrency peer-to-peer FX market exchange rate fell by 0.22% to N706.54/$1 on Wednesday morning, compared to N704.99/$1 the previous day at the same time.
The naira, on the other hand, rose by 0.14% on Wednesday to trade at N704/$1 on the black market, up from N705/$1 on Tuesday, September 6th, 2022. According to information obtained from black market operators, this is the case.
Nigeria’s foreign reserve stood at $38.94 billion on Monday, 5th September 2022, a 0.16% decrease from the previous day’s figure of $38.99 billion. The country’s foreign reserves have been declining as a result of the CBN’s constant intervention in the official market to keep the local currency stable.
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.
What is the USD to Naira exchange rate when Godwin Emefiele took Over?
On Wednesday, 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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