QUICK LOAN ARENA reports that the Dollar to Naira Black Market (otherwise called Parallel Market) exchange rate today Tuesday, 26th, July, 2022 currently stands as N667/$1.
Dollar To Naira Black Market Rate Today: Naira Falls To Record Low N667/$1 At Black Market
According to Investigations by QUICK LOAN ARENA, the Nigerian Naira continues to suffer terrible plunge with respect to the United States Dollar at the Black Market (also called Parallel Market) with its exchange rate today, Tuesday 26th July, 2022 standing at N667/$1.
Dollar To Naira Black Market Exchange Rate: Naira Falls To Record Low N667/$1
Exchange rate at the Black Market today, otherwise called parallel market plunged to N667/$1 compared to N658/$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 Falls To Record Low N667/$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 N667/$1 At Black Market
Dollar to Naira Black Market, otherwise called parallel market, exchange rate on Friday, the last trading session, crashed to N667/$1 compared to N658/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.
Nigerian naira, on Tuesday, fell at the parallel market to N667 per dollar amid higher dollar demand.
With the further scarcity of forex in the market, the exchange rate at the peer-to-peer market depreciated significantly to a record low of N667/$1 in the early hours of Tuesday, representing a 1.72% decline compared to N655.73/$1 recorded on Monday morning. This is the highest rate recorded in the unofficial market.
The exchange rate between the naira and the US dollar closed at N427.17/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Meanwhile, Nigeria’s external reserves recorded its fourth consecutive decline on Friday, dropping by 0.05% to stand at $39.39 billion from $39.41 billion recorded as of Thursday, 21st July 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days.
The CBN had explained during the last MPC session that Nigeria’s external reserve grew in the month of June 2022 as a result of increased non-oil export and improvement in diaspora remittances through its RT200 and Naira4dollar programmes respectively.
The exchange rate at the official market appreciated on Monday, 25th July 2022 by 0.66% to close at N427.17 to a dollar as against the N430/$1 recorded on Friday, 22nd July 2022.
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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