Dollar To Naira Black Market Exchange Today – See Latest Exchange Rate

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Dollar To Naira Black Market Exchange Today - See Latest Exchange Rate

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: Naira Falls To Record Low N800/$1 At Black Market After CBN Currency Redesign Announcement

Naira fell significantly against the U.S. dollar at the parallel market over the weekend, 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.

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.

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

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.

Tabular Form For Dollar To Naira Black Market Rate Today 

$1 N800
$5 N4,000
$10 N80,000
$15 N12,000
$20 N16,000

Naira continues Free Low, Exchanges at N800 per Dollar

Naira Crashes To Record Low N630/$1 At Black Market
CBN Governor, Godwin Emefiele warns that the Black Market is an illegal market not recognized by the Apex Bank. He adds that customers should approach their banks for FOREX.

After trading on Thursday, the naira closed at N780 to the dollar, lower than N765 closed on Wednesday, which represented a 1.9 percent depreciation.

With the current rate, naira has depreciated by 27.56 percent compared to N565/$ at the beginning of the year.

Effective December 15, 2022, the CBN said it would redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels, according to Godwin Emefiele, governor of the CBN, said in Abuja, Wednesday.

Following the policy announcement, analysts at Financial Derivatives Company (FDC) expect some initial speculation against the Naira but this should be short-lived.

“The Naira traded at N770/$ today (morning) but should settle at its true market value in the days ahead. In times of uncertainty, investors, speculators and manufacturers will prefer to be long in dollars and short in domestic currencies”, the analysts said in a report.

Responding to what will be the impact on the value of the naira in the forex market, the FCD said theoretically, it should have no effect whatsoever. But forex markets are usually a subject of panic and speculation. The first reaction to the new regulations is likely to be a flight to safety by investors, for example, anytime there is a major global market shakeout, investors scramble for gold and dump the U.S. dollar.

At the Investors and Exporters (I&E) forex window, naira remained unchanged at N441.67 per dollar, data from the FMDQ indicated.

Most foreign exchange dealers who participated in the FX auction on Wednesday maintained bids between N423.00 (low) and N447.00 (high) per dollar.

At the Nigerian Fixed Income Market, the Federal Government of Nigeria (FGN) bond secondary market traded on a bearish note on Thursday, with improved offers seen, especially on the long end of the curve. However, the market closed with few trades executed on the 23s, 27s and 37s due to limited bids to match offers, according to a report by Parthian Partners, Africa’s premier inter-dealer broker.

The report noted that treasury bills traded on a mixed note, though with a bearish bias. The session saw offers on the long end of the curve, albeit with a wide bid-offer spread.

“Nevertheless, we saw a sizable number of trades executed on the 14 Sept and 26 Oct NTB papers,” the analysts said.

The special bills papers experienced minimal activity in the market Thursday.

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.

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 N800/$1

How much is black market dollar to naira today ?

Black market dollar to Naira today is N800/$1

How much is dollar to naira today black market .

It is still N800/$1

How much is a dollar to naira today?

A dollar to naira today is N800/$1

How much is dollar to naira today

A dollar to naira today is N800/$1