Home Loan Reviews Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1

Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1

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Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1
Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1

Dollar to Naira today, 11th July, 2022 exchange rate continues to appreciate at the detriment of Nigeria’s local currency, as the naira continues to defy every policy effort made by the Central Bank Of Nigeria (CBN) to halt it persistent plunge, depreciating at N29 in the first three months of 2022, making it the second worse quarter-on-quarter (q/q) depreciation, and closing at N616/$1 on July 10, 2022 in the black market.

Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1
Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1

The worst quarter was the third  quarter of 2021 when the naira fell by N44.

While the Dollar To Naira exchange rate at the official Investors and Exporters (I&E) market has remained largely stable around the N420/$1 region, on the other hand, the Naira is heading toward N650/$1 on the black market, which has continued its downward trajectory.

How Much Is Dollar To Naira Black Market Today?

Dollar to Naira today at Black Market, (July 11, 2022) exchange rate closed on July 10, 2022, at N616/$1, indicating a N51 depreciation when compared to the N565/$1 on the 31st of December 2021.

As at the 31st of March 2022, the black market rate was at N587/$1, which indicates a N29 decline in the second quarter of 2022.

How Much Is Dollar To Naira Today At Official Exchange Rate?

The official exchange rate of Dollar to Naira today consolidated around the N425/$ region compared to N416/$1 at the beginning of the year.

The drop in forex supply contributed to the downtrend in the value of the local currency at the official market, amid the Central Bank of Nigeria’s interventions.

Naira To Dollar Exchange Rate At Black Market Heading Towards N650/$1

The Naira-US dollar exchange rate at the official Investors and Exporters (I&E) market has remained largely stable around the N420/$1 region. On the other hand, the Naira is heading toward N650/$1 on the black market, which has continued its downward trajectory.

SKYTREND NEWS understands that earlier, to defend the naira, the Central Bank of Nigeria (CBN) has introduced some regulations, from barring the sale of dollars to BDCs to the RT200 scheme, which is designed to provide an N65 rebate on export revenues.

Nonetheless, the CBN intervention comes at a cost in terms of Nigerian foreign reserves, which have not been growing at the expected rate despite high oil prices.

On a year-to-date basis, the reserve has lost $1.37 billion from $40.52 billion in December 2021 to $39.16 billion in June 2022. In the month of June, the external reserve gained $671.63 million, following a $1.1 billion decline in the previous month.

The drop in forex supply contributed to the downtrend in the value of the local currency at the official market, amid the CBN’s interventions.

The Naira had on Friday recovered marginally from Thursday’s loss, gaining 0.52 percent amid low dollar supply at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange market.

The daily foreign exchange market turnover declined by 78.16 percent to $48.67 million on Friday from $222.84 million recorded on Thursday.

Dollar To Naira Exchange Rate At Official Investors And Exporters (I&E) Forex Window For Friday 8th July, 2022

Dollar To Naira Today exchange rate closed at N427.75/$
Dollar To Naira Today exchange rate closed at N427.75/$

After trading on Friday, Naira/dollar exchange rate closed at N427.75/$ compared to N425.75 closed on Thursday at the I&E window, data obtained from the FMDQ indicated.

Most foreign exchange market dealers who participated in the auction on Thursday maintained bids at N410.00 (low) and N444 (high).

Dollar To Naira Exchange Rate At Black Market For Friday 8th July, 2022

Dollar To Naira Today exchange rate closed at N427.75/$
Dollar To Naira Today: Exchange rate closed at N615/1$ on Friday 8th July, 2022

Dollar to Naira today exchange rate at the black market, also called the parallel market, depreciated by N1 to N615 per dollar (selling price) from N614 (buying price).

The persistent pressure on Naira has been attributed to increased demand for the greenback by the users amid shortage.

Nigeria’s external reserves, which give the Central Bank of Nigeria (CBN) the muscle to defend the naira, have declined by 3.0 percent year to date to $39.25 billion as of July 4, 2022 from $40.5 billion recorded at the beginning of the year.

At the money market on Friday, the Overnight (O/N) rate remained unchanged at 14.00 percent, while the Open Repo (OPR) decreased by 0.17 percent to close at 13.83 percent as against the last close of 14.00 percent on Thursday.

The Nigerian treasury bills secondary market closed on a flat note on Friday with the average yield across the curve closing flat at 6.98 percent. Average yields across short-term, medium-term, and long-term remained unchanged at 10.00 percent, 6.59 percent, and 6.11 percent, respectively, according to a market report by FSDH research.

In the Open Market Operation (OMO) bills secondary market, the average yield across the curve closed flat at 6.53 percent. Average yields across short-term and long-term maturities remained unchanged at 7.64 percent and 5.78 percent, respectively.

FGN bonds secondary market closed on a mildly negative note on Friday, as the average bond yield across the curve cleared higher by 4 bps to close at 11.62 percent from 11.58 percent on the previous day. Average yields across medium tenor and long tenor of the curve expanded by 4 bps each. However, the average yield across short tenor of the curve declined by 1 basis point.

Naira begins new week on shaky ground as forex scarcity persists – Blueprint

Dollar To Naira Today, Friday And Thursday

The Naira has fallen to low levels during the week, exchanging for N428.16/US$ at the investors and exporters window as traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amidst the ongoing dollar scarcity.

Nigerian currency last week dropped to its biggest low against the US dollar in the last seven months at the official market, and it could get worse in the coming months.

The last time Naira exchanged at N430 or above was Thursday, 30th December 2021 at the official market.

Within the past two weeks, it has been trading between the range of N420 and N425 and above the benchmark before getting worse last Tuesday.

The CBN has stopped its bi-weekly sale of FX to Foreign Portfolio Investors (FPIs) for the second week.

This, many believe, is to clear the outstanding backlog of contractual obligations to supply FX to FPIs through the banks that have not been met. Based on CBN data, foreign reserves are down 2.9 per cent compared to the position as of December 31, 2021.

Despite the high oil price, occasioned by the Russia-Ukraine war, Nigeria has failed to benefit from it due to limited production and the maintenance of a subsidy regime, which is estimated to cost the country at least N4trn this year.

High oil prices imply an increased cost of refined products and Nigeria continues to spend a huge part of its FX earnings on the importation of Petroleum Motor Spirit (PMS) and other refined products due to the complete absence of local refining capacity.

The country has also failed to increase its non-oil exports despite a few projects introduced by the CBN, such as the RT200 FX programme.

Apart from the fiscal downside of the falling naira, the foreign reserves have continued a downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October.

The gross figure, which has remained a consistent gradual depletion in the past five months, dropped to $39.090 billion at end of June, 2022 as against $38.540 billion in May of 2022.

Frequently Asked Questions (FAQs) About Dollar To Naira Today Exchange Rates

1. How much is dollar to Naira Exchange Rate today At Official Window?

Dollar to Naira today at the official Investors And Exporters (I&E) Forex Window stood around the N425/$ region compared to N416/$1 at the beginning of the year.

2. How much is dollar to Naira black market today?

Dollar to Naira today (July 11, 2022) at the Black Market, also called parallel market closed at N616/$1.

3. What is the Aboki dollar to naira today exchange rate?

The Aboki Dollar to Naira today rate is not given on their website. In their website, they said rate publishing have been temporary suspended.

4. How much is Dollar to Naira today?

Dollar to Naira today (July 11, 2022) at the Black Market, also called parallel market is N616/$1. Dollar to Naira today at the official Investors And Exporters (I&E) Forex Window stood around the N425/$ region.

The last time Naira exchanged at N430 or above was Thursday, 30th December 2021 at the official market. Within the past two weeks, it has been trading between the range of N420 and N425 and above the benchmark before getting worse last Tuesday.

5. How much is exchange rate Dollar to Naira?

Exchange rate dollar to Naira today July 11, 2022 is N616/1$. The rate closed on Friday 8th July 2022 at N615/1$.

6. What is 1 Dollar to Naira today?

1 Dollar to Naira today is N616/1$ in the black market.

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