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Naira In All Time Free Fall, Exchanges N815/$ at Parallel Market

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Naira In All Time Free Fall, Exchanges N815/$ at Parallel Market
Currency Redesign: Nigeria's Naira Racing Towards 1000 Per Dollar In Parallel Market

According to reports from Bureau De Change Operators, SKYTREND NEWS has obtained the Dollar to Naira Black Market exchange rate today.

You may be asking? How much is the US Dollar to Naira Black Market today?

Dollar To Naira Today 11th July, 2022: Black Market Closes At N616/$1
How much is dollar to naira black market rate today?

According to Investigations by SKYTREND NEWS, the Nigerian Naira continues to suffer massive plunge with respect to the United States Dollar at the Black Market (also called Parallel Market).

Dollar To Naira Black Market 12th July, 2022
How much is the exchange rate between the Dollar to Naira Black Market today?

Dollar To Naira Black Market Exchange Rate: Naira In All Time Free Fall, Exchanges N815/$ at Parallel Market After CBN Currency Redesign Announcement

$1 N815
$5 N4,075
$10 N8,150
$15 N12,225
$20 N16,300

Naira fell significantly against the U.S. dollar at the parallel market on Monday, following the Central Bank of Nigeria (CBN) announcement that it will withdraw higher notes and redesign the Naira currency to check fraud, inflation and insecurity.

SKYTREND NEWS checks on Monday reveals that the current parallel market rate for the US Dollar is N815 in Abuja while British pound sterling exchanged at N890.

Bureaux De Change (BDC) operators in the Wuse area of Abuja, who spoke to TheCable, said the naira was falling rapidly against the greenback amid increased demand by Nigerians.

This development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022.

The apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting.

Naira Crashes To Record Low N630/$1 At Black Market
CBN Governor, Godwin Emefiele: Dollar To Naira Black Market Rate Today : Naira Falls To Record Low N780/$1 At Black Market

Meanwhile, currency traders in the Victoria Island area of Lagos quoted the naira at N805 to the dollar at the street market.

The street traders put the buying price of the dollar on Monday at N785 and the selling price at N805, leaving a N20 profit margin.

“There is always high demand and no supply. The dollar is just going up everyday. Importers are not getting dollars from banks. So, they are coming to us,” a BDC operator told TheCable.

At the official market, the naira depreciated by 0.06 percent against the dollar to close at N444.75 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official FX trading in Nigeria.

An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.75.

It sold for as low as N438 to the dollar within the day’s trading. A total of $61.89 million was traded in foreign exchange at the official investors and exporters window (I & E) window.

Over the weekend, the Naira had fallen significantly against the U.S. dollar at the parallel market. Our checks on Saturday revealed that the current parallel market rate for the US Dollar is N800 while British pound sterling exchanged at N890.

Black market exchange rates across states showed the naira exchanged hands with the greenback at N800.00 in Abuja and Lagos as against N780 it exchanged on Friday, the previous day trading session.

“The banks are not giving US dollars, individuals are only struggling to get on their own, that’s why the rates are high and irregular,” a currency dealer was quoted by PREMIUM TIMES as saying.

The free fall continues as the ban on Bureau the Change operators remain in place just as the Buhari regime announced plans to redesign the country’s currency in response to the country’s economic woes.

The governor of the central bank, Godwin Emefiele, announced on Wednesday that new naira notes would be issued by December 15.

Mr Emefiele stated that the move, which has since been approved Mr Buhari and other stakeholders, was certain to boost the value of the naira.

Following the latest announcement, politicians have continued to approach BDC operators to easily convert their soon-to-expire stockpiled naira to foreign currencies, as the apex bank gave all Nigerians six weeks to return all old naira notes to the bank’s vault.

In 2021, the CBN prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had accused the BDCs of unauthorised sales of foreign exchange above the market they were authorised to serve.

BDC operators were a significant part of the black market before the ban, helping people who couldn’t legally access foreign currencies directly from the CBN to maintain their exchange rates.

Frequently Asked Questions About The Dollar To Naira Black Market Rate

How much is a dollar to naira today?

A dollar to naira today is N815/$1

How much is black market dollar to naira today ?

Black market dollar to Naira today is N815/$1

How much is dollar to naira today black market .

It is still N815/$1

How much is a dollar to naira today?

A dollar to naira today is N815/$1

Why is the Naira rate crashing with respect to the US Dollar?

Analysts have blamed the continuous weakening of the naira on rising import bill, dollar savings and the accumulation of cryptocurrencies by Nigerians who have lost confidence in the local unit due to its massive devaluation against the greenback currency.

How is the CBN policies affecting the Naira rate drop?

A crypto trader and founder of Willywealth Trading, Mr Iniobong Williams blamed the Central Bank of Nigeria’s (CBN) foreign exchange policies for the recent drop of the Naira.

He said the announcement that Nigerians buying dollars with naira will be “arrested” made by the CBN governor, Godwin Emefiele, a few days ago also further weakened the naira.

“I believe this has caused tremendous panic among middlemen who try to breach the gap for those in need of FX because CBN cannot meet the high demand,” Mr Williams said.

Also, he said there is also a huge demand now for forex among students who want to pay their school fees and that most students resort to buying from the black market because of the long queue at the bank as a result of limited availability of foreign exchange.

This exchange rate collapse of the Naira with respect to the dollar occurred less than 24 hours after the Central Bank of Nigeria announced that it will redesign all major naira notes and will by December 2022 start circulating them.

The apex bank said affected currency denominations are N100, N200, N500, and N1000, and that the move would enable them to have absolute control of the currency in circulation, manage inflation, as well as tackle counterfeiting.

“Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.

“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels,” the CBN governor, Godwin Emefiele, was quoted to have said while briefing journalist on Wednesday.