The Naira Black Market Today Sunday, 31st July 2022 currently stands at N720/$1.
The exchange rate between the naira and the US dollar has fallen beyond the N720/$1 threshold at the parallel market (Black Market) on Sunday, 31st July 2022, despite last trading session ending the day at N710/$1. This is according to information from Bureau De Change operators in Lagos State.
Naira Black Market Rate Today: Naira Crashes To Record Low N720/$1 At Black Market
The Nigerian Naira continues to suffer massive fall with respect to the United States Dollar at the Black Market (also called Parallel Market) with its exchange rate today, Sunday 31st July, 2022 standing at N720/$1.
Tabular Form For Naira Black Market Rate Today
Naira Black Market Rate today, crashed to N720/$1 compared to N710/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.
Despite starting the day at N710/$1, dollar to naira Black Market rate today, has fallen beyond the N720/$1 threshold at the black market.
It will be recalled that the Central Bank of Nigeria (CBN) had a year ago banned the sale of FX to BDCs citing the illegal sale as the reason behind its decision. At that time, the exchange rate was about N501/$1 with $33 billion in the country’s FX reserves.
A publication in Bloomberg last week had suggested that the rapid decline in the Naira was partly due to Nigerians accumulating cryptocurrencies to shield assets against a weakening naira, arguing that this may have contributed to a slump in the fiat currency to a record low in the unauthorized market, otherwise known as the Black Market.
Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.
Also, in an attempt to further restrict the flow of forex at the parallel market, the apex bank threatened to arrest and prosecute Nigerians using naira to buy dollars last week.
The CBN Governor, Godwin Emefiele, during the recent Monetary Policy Committee (MPC) meeting in Lagos, said, “For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that”.
Reacting to the current development, BDCs in Lagos as well as other economic experts, criticised the CBN for failing to initiate policies that will help stabilize the country’s currency value in the forex market.
Senate Summons CBN Governor, Emefiele Over Naira Free Fall Against The Dollar
Meanwhile the Senate has resolved to summon the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to explain the reasons for the rapid free fall of the value of the naira.
It has also mandated its Committee on Banking, Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy.
The Upper chamber is taking these resolutions after federal legislators considered a motion on the state of CBN Intervention funds and the free fall of the naira.
The sponsor of the motion Senator Olubunmi Adetunmbi bemoaned Nigeria’s economic challenges and calls for extraordinary measures to address them.
As of Thursday morning, the naira was exchanging for more than N710 to a dollar in the parallel markets.
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