The Exchange rate between naira and dollar has fallen again and surpassed N710$1 at the black market on 22ne September 2022.
The Naira has plummeted dramatically at the I&E Window and on the black market;
The Nigeria’s legal tender, the naira, fell against the dollar at the Investors and Exporters window on Thursday trading at N436.50.
The dollar to naira exchange rate on Wednesday was 0.06 percent lower than the N436.25 for which the dollar was exchanged on Tuesday.
On Thursday the open indicative rate was N44.75 to the dollar.
The highest rate recorded during the day’s trading was N438 to the dollar before it settled at N436.50.
During the day’s trading, the naira fell as low as N425 to the dollar.
On Thursday a total of 133.97 million dollars were traded at the official Investors and Exporters window.
The local currency opened at N715.00 per $1 on the parallel market, also known as the black market, in Lagos, Nigeria, today, Thursday, 22 September 2022, after closing at N710.00 per $1 on Thursday 21 September 2022.
Despite the fact that the dollar to naira exchange rate opened in the parallel market today at 715 per $1, Ejes Gist Newspaper reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, also known as the black market.
As a result, the apex bank has directed anyone in need of forex to contact their bank, emphasising that the I&E window is the only known exchange.
Dollar to Naira black market exchange rate today
On the black market, the players buy a dollar for N710 and sell it for N715 on Thursday morning, September 22, 2022, after buying N710 and selling it for N715 on Thursday September 21, 2022.
Meanwhile, EJES GIST reports that the USD began this week at 708 in the Parallel Market, also known as the Black Market, on Monday, September 19, 2022, in Lagos Nigeria, after opening at 700 the previous week on Monday, September 12, 2022.
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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.
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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