Dollar To Naira Black Market Rate Today — 21st July 2022

Dollar To Naira Black Market Rate Today: Naira Falls To Record Low N630/$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, 21st July, 2022 standing at N630/$1.

Dollar To Naira Black Market 12th July, 2022
Dollar To Naira Black Market Rate Today: Naira falls To Record Low N630/$1

Dollar To Naira Black Market Exchange Rate: Naira Falls To Record Low N630/$1

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 N630/$1 At Black Market

Exchange rate at the Black Market, otherwise called parallel market plunged by N10 to close trading activities at Tuesday, July 19th, 2022, at N630/$1 compared to N620/$1 recorded in the previous trading session. This is according to information obtained from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday morning to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

1. How Much Is Dollar To Naira Black Market Today 

Nigerian Naira Crashes To Record Low N630/$1 At Black Market

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 630
Buying Rate 625

QUICK LOAN ARENA Black Market Exchange Rate Table TODAY

$1 N630
$5 N3,150
$10 N6,300
$15 N9,450
$20 N12,600
$30 N18,900
$40 N25,200
$50 N31,500
$75 N47,250
$100 N63,000
$200 N126,000
$500 N315,000
$750 N472,500
$1,000 N630,000

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
Selling Rate N429.13
Buying Rate Not Applicable

Dollar To Naira Black Market Exchange Today: Naira Falls To Record Low N630/$1 At Black Market

Dollar To Naira Black Market Rate Today — 21st July 2022
Dollar To Naira Black Market Rate Today — 21st July 2022

Dollar to Naira Black Market, otherwise called parallel market, exchange rate today crashed to N630/$1 compared to N620/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday morning to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

Nigeria’s external reserves increased by 0.03% on Friday, 15th July 2022 to stand at $39.44 billion from $39.43 billion recorded as of the previous day. This represents the 26th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

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.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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