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Currency Redesign: Nigeria’s Naira Racing Towards 1000 Per Dollar In Parallel Market

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Currency Redesign: Nigeria’s Naira Racing Towards 1000 Per Dollar In 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 following the currency redesign announcement of the CBN.

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 N822/$ at Parallel Market After CBN Currency Redesign Announcement

$1 N822
$5 N4,110
$10 N8,220
$15 N12,330
$20 N16,440

The rate at which the naira, is depreciating against the dollar shows that it could fall to N1,000/$ before the end of next month, FOREX traders are quoted as saying.

According to the traders, this is due to shortage of the greenback, with the attendant naira free fall, which intensified after the Central Bank of Nigeria (CBN) announced plans to redesign the banknotes.

Naira fell significantly against the U.S. dollar at the parallel market on Wednesday, 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 Wednesday reveals that the current parallel market rate for the US Dollar is N822 and N822.50 in different parts of the country.

After trading on Tuesday, naira closed at an average rate of N822.5 per dollar at the parallel market across the country. This represents 2.74 percent depreciation compared to N800 closed on Monday.

A breakdown of the exchange rate across the country’s street markets show that the dollar was quoted at N820 in Kano and Festac, Lagos, while it exchanged at N825 in Abuja and Apapa, Lagos.

“It will get to N1,000 before the end of the year, the reason being that there is a lot of fraud and corruption in the system,” said Andrews Elueni, managing director, Flawless Capital Limited .

Speaking with BusinessDay by phone he said, “We have to determine the kind of economy the CBN is running. How can they sell dollars at N443 at the official market, and at the black market, which is the real rate, it is quoted at N822. Who is getting the dollars? What are they doing with it?”

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 N822/$1 At Black Market

Nigeria’s Central Bank last week announced plans to introduce new banknotes to replace the current N200, N500 and N1,000 Notes with effect from December 15, 2022.

Some initial speculation against the naira is expected following the announcement but this should be short-lived, according to Financial Derivatives Company (FDC).

In times of uncertainty, investors, speculators and manufacturers will prefer to be long in dollars and short in domestic currencies”, analysts at FDC said in a report.

At the Investors and Exporters (I&E) forex window, Naira depreciated by 0.68 percent as the dollar was quoted at N446.00 on Tuesday as against the last close of N443.00 on Monday, data from the FMDQ indicated.

Most currency dealers who participated at the foreign exchange auction on Tuesday maintained bids between N424.00 (low) and N447.00 (high) per dollar.

The daily foreign exchange market turnover declined by 16.66 percent to $51.58 million on Tuesday from $61.89 million recorded on Friday.

At the money market on Tuesday, the Overnight (O/N) rate decreased by 5.33 percent to close at 9.83 percent as against the last close of 15.16 percent on the previous day, and the Open Repo (OPR) rate decreased by 5.17 percent to close at 9.33 percent compared to 14.50 percent on Monday.

With Open Market Operation (OMO) repayment of N20.00 billion, the money market rates are likely to remain at current levels in the near term, barring any mop-up activity by the CBN, analysts at FSDH said.