You may be asking: How much is dollar to naira Black Market today?
You may also be asking how much is the dollar to Naira today in the Parallel Market which is also referred to as the
Black Market. First let us analyse the meaning and concept of the Dollar To Naira Black Market today as used by Nigerians.
What is Parallel Market exchange rate For Dollar To Naira in Black Market Today?
Generally, a black market is where foreign currencies are exchanged illegally for naira, through brokers, or “abokis,” as they are called in Nigeria. The parallel market premium is the difference between the parallel market rate and the official market rate paid by a black-market customer.
Dollar to Naira Black Market Today in 2022: See Latest Exchange Rate Illustrated In Tables
The exchange rate between the Dollar To Naira Black Market today has lost its gain and crashed again to N680/$1 threshold at the parallel market, despite trading last week at N710/$1. This is according to information from Bureau De Change operators in Lagos and other States.
Naira Drops to N680/$ at Dollar To Naira Black Market Today Despite FG, CBN Effort
After dropping to a low of 720/$, the Naira miraculously recovered, reversing the previous losses trend to trade as high as 620/$ on the black market. This achievement, however, appears to be fleeting as the Naira falls slowly into the N700/$ region again.
The naira, on Friday lost strength against the dollar at the parallel section of the foreign exchange market as it exchanged for N680 to one dollar.
Bureaux De Change operators (BDCs), Lagos, said the local currency depreciated by N15 or 2.3 percent trading for N680 per dollar at the “black market’.
Last week, the naira closed at N665 to a dollar at the street market.
The street traders put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15.
What Financial Experts Are Saying About The Dollar To Naira Black Market Rate Flunctuation
Kalu Aja, a Financial illiteracy expert with a wide following on Twitter stated that the movement of the Naira is a supply issue as core Macroeconomic fundamentals haven’t changed.
He said, “More supply is causing the price to deviate slightly. I don’t believe the appreciation is due to any change in macroeconomics; it’s a supply issue, and new supply has entered the market, causing the price to moderate slightly.”
He went on to say that Nigeria’s currency crisis would be resolved if we could enhance the supply of dollars into the economy.
“We have to export more so we can earn dollars as you are aware crude oil prices are up but Nigeria’s production is down. Not just export crude oil but non-oil exports,“ he added.
He also emphasized that Nigeria requires more remittances. “The CBN’s policies, capital controls, and the fixing of the naira at a very high rate are not encouraging,” he remarked.
“We need to do fewer imports so that we can stop importing PMS, which will relieve pressure on the currency. It will assist the naira in finding its level,” he continued.
Dr Romanus Osabohien, Lecturer at the Department of Economics, Covenant University, Ota stated that “low production, high consumption of foreign products above local goods, CBN inefficiency, interest rate differentials and political instability” serve as fuel to the burning Naira.
He further commented, “with the right policies such as an increase in the production of local commodities, we may expect a rise in the value of the naira. On the other hand, without these policies, we may expect worse in terms of the value of the naira.”
See the Dollar to Naira Black Market today below when expressed in tabular form:
Therefore Dollar To Naira Black Market today currently stands as N680/$1.
Dollar To Naira Black Market Today: CBN Governor, Emefiele Warns: It’s Illegal To Withdraw Naira To Buy Dollars
As the dollar to Naira Black Market today is reversing its gain and crashing further, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Elefiele, has warned bank customers, especially politicians and high profile persons to desist from withdrawing Naira for the purpose of converting them into Dollars just for keeps.
He described this action as illegal, which he said was capable of wrecking the country’s economy as the nation makes every effort to resolve the lingering foreign exchange (forex) scarcity, which is depleting the value of the Naira very fast against the greenback in the currency market.
According to the CBN Governor, anyone caught involved in this would be prevented from using the banking system in the country as a Post no Debit would be placed on the bank account of the defaulting customer.
He also added that any bank discovered to be aiding this illegal act would be sanctioned by the country’s banking industry watchdog.
Mr Emefiele said this warning became necessary as the country goes into the election season and political actors would want to mop up FX from the system to prosecute the 2023 general elections, causing the value of the local currency to further depreciate.
How The Dollar To Naira Black Market Today Reversed Gain, Crashes to N680/$1 At Black Market
The naira fell against the United States dollar from N655 to N670 at the parallel market, otherwise called Black Market on Monday, August 8th, 2022, reversing part of the gain it had recorded against the greenback last week.
The local currency, which had fallen to 710/dollar on Monday last week, recorded some gains and closed at N655/dollar on Friday.
During the middle to the end of Friday, the naira flunctuated between N660 to N655 to N640 but eventually closed at 655/dollar at the parallel market.
Currency experts have predicted the naira will weaken against the greenback due to excessive imports, fall in crude sales due to pipeline vandalization, rush for dollar among other things.
The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy.
Dollar To Naira Black Market had appreciated to N640/$1 late last week though previous week trading session ended at N720/$1.
A few days after security personnel stormed several Bureau De Change (BDC) hubs in Abuja, Lagos and Kano, the naira has continued to strengthen on the black-market strengthening to N640 per dollar.
Recall that at the parallel market last week, the naira traded at N710 to the dollar with the new rate indicating the naira’s increase of N70 to the dollar in a matter of days.
Although there is a local and global dimension to the pressure on the naira, the demand for foreign exchange for goods and services has remained constant.
Since Monday, August 1, the naira has strengthened against the US Dollar significantly more easily in all facets of the foreign exchange (FX) market.
In order to ensure stability, the Central Bank of Nigeria (CBN) frequently intervenes in the official foreign exchange market.
The CBN’s Director of Corporate Communications Department, Osita Nwasinobi said the apex bank would continue to take decisive steps in the forex market to prevent future declines in the value of the naira.
In order to prevent the naira from falling much further, he warned forex purchasers not to fall prey to the speculative practices of some participants in the FX market.
Meanwhile last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.
“The raid by EFCC in Abuja BDCs last week dampened demand,” a source told TheCable.
“There were large buyers last week that many had to queue up!
“The current situation tells you that if you allow the market to work, it will find its level. We were blaming aboki fx before.”
President of the Association of Bureaux De Change, Aminu Gwadabe said, the “market surveillance” was done in collaboration with the association.
“We have a cordial relationship with the security agencies and ongoing collaboration with the agencies on the exchange rate issues,” he said.
Frequently Asked Questions About Dollar To Naira Black Market today
1. How much is dollar to naira black market today?
Dollar to Naira Black Market today in 2022 is currently trading at N640/$1. This is after the Nigerian Naira gained N70 in few days after falling to N680/$1
2. How much is 1 dollar to naira today black market?
1 Dollar to Naira today black market currently stands at N680/$1
3. How much is 100 dollars to naira black market rate today?
100 dollars to naira black market today at the current rate of N680/1$ is N68,000
4. How much is black market dollar to naira today?
Black Market dollar to Naira today is N680/1$
5. How much is dollar to naira black market today?
Naira Shakes Off Losses, As Dollar to Naira Black Market today in 2022 Gains N100 To Exchange N680/$
6. How much is dollar to naira black market rate today?
Dollar To Naira Black Market Today in 2022 has fallen to N680/$1 though last trading session ended the day at N720/$1. This is according to information obtained from Bureau De Change operators.
7. How much is dollar to naira today black market?
The cost of Dollar To Naira Black Market Today in 2022 is N680/$1 At Parallel Market
8. What is dollar to naira today in black market
The Dollar To Naira in Black Market Today in 2022 has gained big and currently trading at N680/$1 at the Black market otherwise called Parallel Market
9. How much is a dollar to naira today black market
To get a Dollar in Black Market Today in 2022, you will need N640 for each dollar. This is following the appreciation of the Naira and is currently trading at N680/$1 at the Black market otherwise called Parallel Market.
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