Dollar To Naira Black Market Rate Today: Naira Falls To Record Low N658/$1 At Black Market
QUICK LOAN ARENA is reporting that the Nigerian Naira has suffered a terrible fall with respect to the United States Dollar at the Black Market (also called Parallel Market) with its exchange rate today, 24th July, 2022 standing at N658/$1.
Dollar To Naira Black Market Exchange Rate: Naira Falls To Record Low N658/$1
Exchange rate at the Black Market, otherwise called parallel market plunged to N658/$1 compared to N630/$1 recorded in the previous trading session. This is according to information obtained from Bureau De Change operators.
1. How Much Is Dollar To Naira Black Market Today
Nigerian Naira Crashes To Record Low N658/$1 At Black Market
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
QUICK LOAN ARENA Black Market Exchange Rate Table TODAY
2. How Much Is Dollar To Naira Today CBN Official Exchange Rate?
Dollar to Naira CBN Official Rate Today.
|Dollar to Naira (USD to NGN)||Official Exchange Rate Today|
Dollar To Naira Black Market Exchange Today: Naira Falls To Record Low N658/$1 At Black Market
Dollar to Naira Black Market, otherwise called parallel market, exchange rate on Friday, the last trading seession, crashed to N658/$1 compared to N630/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.
Nigerian naira, on Friday, fell at the parallel market to N658 per dollar amid higher dollar demand.
The figure represents a depreciation of N38 or 6.13 percent from the N620 it traded last week.
Bureaux De Change operators (BDCs) who spoke to TheCable blamed the depreciation on ongoing foreign exchange (FX) supply constraints.
Traders put the buying price of the dollar at N640 and the selling price at N658, leaving a profit margin of N18.
A street trader explained that the unpredictability of the market is the reason for the depreciation.
“The thing is this; they don’t give it much gap because at any time it can fall. So, by the time you buy higher, and it’s falling, and if it falls, it’s not going to be going be one or two. It’s going to be 10, 15, or 20 naira drop at a go. So, more reason for the margin,” the trader said.
According to the Central Bank of Nigeria (CBN), the parallel market is not a true reflection of the country’s exchange rate.
At the official market, checks by TheCable showed that the buying price stood at N414.72 while the selling price stood at N415.72.
At the end of its monetary policy committee meeting on Tuesday, members urged CBN not to relent in its efforts to encourage foreign exchange inflow to the economy.
Why The Dollar To Naira Black Market Exchange Rate (Parallel Market) Is Depreciating As Naira Falls To Record Low N630/$1 At Black Market
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.
QUICK LOAN ARENA recalls earlier, that 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, the dollar to Naira black market is still at an exorbitantly high rate.
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 persistent pressure on Naira has also been attributed to increased demand for the greenback by the users amid shortage.