Naira to dollar , Dollar to Naira

As Nigerian FX liquidity remains low, the Naira to Dollar has fallen to an all-time low in the black market.

Naira to Dollar exchange rate today black market

For those purchasing foreign exchange on the black market, the has dropped to N710/$1. When compared to the N705/$1 rate on Tuesday September 6th, 2022, this represents a 0.43% depreciation.

According to information obtained from black market forex traders based in Lagos State. However, the official market exchange rate crashed to a record low of N431.5/$1 in the previous trading session, hitting an intra-day high of N444/$1.

On Tuesday, a total of $93.54 million was traded, representing a 25.25% increase over the $74.68 million traded on Monday, September 5th, 2022. The average daily volume of forex traded during the week was $82.9 million, down from $126.8 million the previous week.

 

Similarly, the cryptocurrency peer-to-peer FX exchange exchange rate fell slightly to N704.8/$1 during mid-day trading on Tuesday from N703.5/$1 traded on Monday. In the P2P market, this represents a 0.62% decline against the US dollar.

In addition, Nigeria’s foreign reserve decreased by 0.002% to $39.02 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.

 

Also Read : Nigeria Police Recruitment Portal 2022 Open for Applications

On Thursday, September 1st, 2022, the Naira closed at N430/$1, representing a 0.13% depreciation from the previous trading session’s N429.44/$1. The value of FX supply traded on Thursday was $74.68 million, 31.78% less than the $109.47 million traded on Wednesday, August 31, 2022.

The cryptocurrency peer-to-peer FX exchange rate also fell to N697.5/$1 on Friday morning, down from N693.2/$1 at the same time on Thursday. In the P2P market, this represents a 0.62% decline against the US dollar.

In addition, the parallel market exchange rate fell by 0.43% to N700/$1 on Thursday, down from N697/$1 on Wednesday. This is based on data gathered by Ejes Gist from black market FX traders.

In the same vein, Nigeria’s foreign reserve increased by 0.02% on Wednesday to $39.02 billion.

The country’s foreign reserves had been declining due to the CBN’s constant intervention in the official market to keep the local currency stable.

Recommended for you

 

NAFEX official trading window
The official market exchange rate closed at N431.5/$1 to a dollar on Friday, September 2nd, 2022, up from N430/$1 in the previous trading session.

The opening indicative rate closed at N429.1/$1 on Friday, September 2nd, 2022, compared to N429/$1 the previous day.

Advertisements

Furthermore, the highest intra-day rate recorded was N444/$1 before settling at N431.5/$1, while it traded as low as N418/$1 intra-day.

On Friday, the Investors and Exporters window traded $93.54 million in FX value, a 25.25% increase from the previous day’s $74.68 million.

In the official market, the naira has depreciated slightly, with the external reserve standing at $39 billion.

Thursday, September 1, 2022: The naira/US dollar exchange rate at the Investors and Exporters window, where forex is officially traded, closed at N430/$1.

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

Advertisements

Previous articleNigerian Newspapers: 12 things you need to know Wednesday morning 7 September 2022
Next articleFull details emerge as 17 PDP governorship candidates visit Wike in Rivers

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.